Ripple Labs' XRP Token Consolidates Following Positive Judge Ruling In SEC Case: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Ripple Labs' XRP token has consolidated following a 73% rally on Friday due to a favorable ruling in the Ripple-SEC case. A U.S. judge ruled that the sale of XRP tokens does not constitute investment contracts. The crypto started to consolidate mostly sideways on decreasing volume and lessening volatility, forming a series of five inside bars. The XRP chart shows a drop in its relative strength index (RSI) from about 89% to 73%. XRP has resistance above at $0.80 and $0.91 and support below at $0.69 and $0.062.
July 18, 2023 | 3:00 pm
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XRP's consolidation and drop in RSI could indicate a potential continuation of the upward trend. However, the crypto's future direction will depend on whether it breaks up or down from July 14's mother bar. Resistance is at $0.80 and $0.91, support at $0.69 and $0.062.
The favorable ruling in the Ripple-SEC case caused a 73% rally in XRP's price. The crypto has since consolidated, forming a series of five inside bars, which could indicate a continuation of the upward trend. However, the future direction of XRP will depend on whether it breaks up or down from July 14's mother bar. The drop in RSI from 89% to 73% could also be a factor in the crypto's future price movement.
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