Xrp Stages An Impressive Recovery

last updated on

Xrp Stages An Impressive Recovery

Xrp Stages An Impressive Recovery As Lawsuit Deadline Approaches

In the last week, the XRP closed on a negative note and even erased all of its gains. However, XRP is now showing resilience on Monday as it continues to trade above the $0.62 handle.

This is a sign that XRP is recovering as traders prepare for upcoming events that can alter the price action of this altcoin.

Xrp Trades Above $0.60 Support

The key event ahead is the speech of Brad Garlinghouse, the CEO of Ripple, at the famous Digital Asset Summit 2024. Additionally, the Senior Vice President of Ripple will also share his views at the event.

Any comments or hints from these 2 could lead to some major movements in the XRP, which is the native token of the Ripple's payment network.

However, another important development for the XRP is the SEC's lawsuit which has a deadline of March 2022. On this date, the SEC will provide its brief containing any remedies. For the XRP token, this lawsuit is of significance as it can decide the very direction of the XRP in the coming weeks.

If we keep these events aside, some important information can also be extracted from the XRP's on-chain data. The data shows that the supply of XRP has declined on the exchanges. Additionally, a decline was seen in the active addresses holding the XRP token.

Meanwhile, the XRP can be seen trading near $0.62 and has recovered from the $0.60 handle of last week. Overall, the $0.60 is an important support level for the XRP, followed by the $0.57 as well. If we look back, the XRP price has bounced from these levels multiple times.

The AO indicator also highlights that XRP is going through a correction which means the uptrend will not stay for long. Meanwhile, the RSI is showing ar reading of 51.90 which is very close the neutral zone.

The bigger picture is that the technical readings of XRP will become irrelevant once the date of the two key events approaches.

Trending Stories