XRPUSD (Ripple) – Week 13 – Still trapped in the middle
XRP supporters, dubbed the "XRP Army," have begun a campaign to get exchanges to relist the cryptocurrency, with the hashtag "#RelistXRP" circulating in many countries on Twitter. This week, on March 22, the number of XRP-related posts on various social media networks skyrocketed. According to data from LunarCRUSH, interaction grew by 309% in less than three days. More importantly, over 80% of all the social interactions were bullish about Ripple’s native token.
In other important news, Ripple files a complaint in order to access Bitcoin and Ethereum records, alleging that they are important to XRP. The SEC refused to hand over documents pertaining to Bitcoin and Ethereum. However, Ripple attorneys argued that the court could not just take the SEC’s word for it when it claims that Bitcoin and Ether are irrelevant to XRP’s case. Ripple claims that the SEC's handling of XRP has led to "widespread industry uncertainty."
Looking at the chart of Ripple we see that we are still in the range between the resistance area at $0,65 and the support area at $0,35. It can go both ways in this range but as the structure is developing right now, we see a higher probability for an up move rather than a downside. However, once the price reaches one of the areas, we must carefully assess the price structure to forecast the next move for this pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
In other important news, Ripple files a complaint in order to access Bitcoin and Ethereum records, alleging that they are important to XRP. The SEC refused to hand over documents pertaining to Bitcoin and Ethereum. However, Ripple attorneys argued that the court could not just take the SEC’s word for it when it claims that Bitcoin and Ether are irrelevant to XRP’s case. Ripple claims that the SEC's handling of XRP has led to "widespread industry uncertainty."
Looking at the chart of Ripple we see that we are still in the range between the resistance area at $0,65 and the support area at $0,35. It can go both ways in this range but as the structure is developing right now, we see a higher probability for an up move rather than a downside. However, once the price reaches one of the areas, we must carefully assess the price structure to forecast the next move for this pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Related Ideas
