Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles

- Advertisement -

[NEWS BLOG]: Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles

"Ripple Price Holding $0.2800"

In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.

A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.

Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low. However, the bulls seem to be struggling to gain strength above the $0.2905 and $0.2920 resistance levels.

If there is a clear break above the $0.2920 resistance, the price could rise towards the $0.3000 resistance. It seems like there is a major hurdle forming near the $0.3000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low is also near $0.3030.

A successful close above the $0.3000 and $0.3020 could open the doors for a fresh increase. In the mentioned case, the price could rise towards the $0.3120 and $0.3155 levels.


- Advertisement -

OTHER RELATED NEWS

South Korean Blockchain ID Service Raises $8 Million in Series A

ICONLOOP, a South Korean blockchain startup that provides digital identification services, received its first venture capital investment through an $8 million Series A funding round, the company said.

ICONLOOP is a subsidiary of DAYLI Financial Group, one of the largest fintech companies in Asia. The financing round was led by the quasi-government agency Korea Technology Finance Corporation (KOTEC). Another six investment companies, including T.S. Investment, also backed ICONLOOP in this round.

Proceeds will be used to launch its digital identification service “my-ID” and expand a group of expected clients called my-ID Alliance, which currently consists of 27 companies.

That client group - read more.

Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales

The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800.

This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year.

One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead - read more.

SEC vs. Ripple: US Judge Orders Both Parties from the XRP Lawsuit to Hold a Discovery Conference

In a fresh twist to the Securities and Exchange Commission (SEC)’s fight against Ripple Labs, US judge Sarah Netburn has directed both parties to hold “a telephonic discovery conference on Tuesday, April 6, 2021.” The judge’s order directs the parties to discuss a motion to compel filed by Ripple’s lawyers.

"Motion to Compel"

On March 15, lawyers representing current Ripple Labs CEO Brad Garlinghouse and Christian Larsen had asked Judge Netburn to compel the SEC to produce documents relating to the regulator’s lawsuit against the fintech firm.

In their motion, Ripple’s lawyers argued that seeking this court order had been necessitated by the regulator’s - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]