Ripple Trades Above Support

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Ripple Trades Above Support

Ripple (Xrp) Trades Above $0.50 Support, Eyes Next Target

The Ripple (XRP) is seen trading above the support level near $0.50 as the altcoin eyes next targets at $0.55 and $0.60.

Recently, Ripple (XRP) has also published research via UBRI on how quantum computing & blockchain can be used together. The report also looks at how quantum computing technology can impact blockchains such as the XRP Ledger.

Ripple (Xrp) Faces Legal Trouble

However, the key catalyst for the Ripple (XRP) is the upcoming ruling on the legal battle between Ripple and SEC. Over all, there are two major legal issues faced by Ripple: The first one is fine for selling securities while the second one is an injunction on the ODL platform.

According to experts, the Ripple (XRP) will likely go through correction based on the weekly chart. For now, the Ripple (XRP) remains steady above $0.50, but the long-term charts have started to show bearish signs.

The first such indicator is MACD, which has started to show red bars below the middle line. This corresponds to the XRP decline seen between the 8th of April - the 20th of May.

Based on the technical readings, the XRP price can go down by almost 9%, which is near $0.4665. However, that's also the point where the XRP can pick up fresh liquidity and then attempt to recover once again.

On the Ripple (XRP) D1 timeframe, a revisit to the $0.5310 is also on the cards, but failure to break it will send the coin back toward the $0.50 support. However, it will be hard for the XRP bears to close below $0.50 as this level has held strong multiple times in the past.

But if the Ripple (XRP) can clear the $0.5310 resistance, the next stop will be at $0.5448 followed by the $0.5623. Amidst all of this, Ripple (XRP) investors are also awaiting the verdict on the legal issues as they are a big concern for everyone.

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