- The area between $0.8 and $1 might be a potential accumulation zone.
- The $0.8-resistance level was breached by XRP prices, resulting in a breakout.
Many digital assets, including Bitcoin, have recovered from their near two-month bearishness, bringing a glimmer of hope to the larger crypto-market. XRP has had one of the steepest and fastest recoveries among the cryptocurrencies.
The $0.8-resistance level was breached by XRP prices, resulting in a breakout. When things started to go downhill, this was a critical level of support for the organization. XRP has surged roughly 50 percent after breaking out of the 50-day moving average and the oppressive downtrend on February 4th.
The drop would be kept to a minimum as the upside remained open until about $1, with $0.8 serving as a sturdy support level. If broader market circumstances don’t abruptly worsen and XRP’s momentum continues unabated, the area between $0.8 and $1 might be a potential accumulation zone.
Two Memos Considered a Critical Piece of Evidence
In addition to positive technical indicators, measurements indicate an increasing sense of confidence. For example, the adjusted Price DAA Divergence for XRP has been hinting towards bullish momentum for quite some time now.
In the SEC vs. Ripple litigation, the subsequent few actions might determine the future of XRP. Last week’s decision by the judge, in the case, Judge Analisa, to unseal and reveal two memos considered a critical piece of evidence. To meet the deadline, the memos must be made public by February 17th, 2022.
Brad Garlinghouse, the chief executive officer of Ripple, previously claimed that Ethereum had been granted regulatory approval that enabled it to exceed the XRP token. According to CoinMarketCap, the XRP price today is $0.862543 USD with a 24-hour trading volume of $5,415,847,228 USD.
