Does the XRP price have enough power to keep growing?

The bulls were unable to take the initiative, and the majority of the coins were in the red zone. XRP price has increased by 3% since yesterday, while the price has surged by 15% in the last seven days.


XRP/USD 1-hour chart | Source: TradingView

In the local chart, the price has produced a false breakout of the $0.5118 support level. While the rate is over that level, small growth is possible. In this situation, the upward movement could lead to a test of the resistance level at $0.5119. A circumstance like this is relevant till the end of the day.


XRP/USD 1-day chart | Source: TradingView

On a longer period, buyers face selling pressure because the price is closer to the support than the resistance. But, if bulls can keep the rate above the critical zone of $0.50, the rate should increase to the center of the channel, around $0.55.

On the weekly chart, XRP has achieved a false breakout of the resistance level of $0.5582. It suggests that purchasers aren’t strong enough to keep the price rising. Sideways trading in the $0.50-$0.54 range is the more likely scenario until mid-April.


XRP/USD 4-hour chart | Source: TradingView

At the time of writing, XRP was trading at $0.5223.

Ripple liberated 1 billion XRP from its escrow account on April 1, according to AZCoin News. In a recent tweet, CryptoLaw founder John Deaton highlighted the four greatest outcomes for Ripple in the SEC lawsuit: The first is an absolute victory for Ripple, with the judge “slapping” the SEC in the case for egregious overreach and behavior.

Second, the judge may conclude that Ripple provided XRP as an investment contract in a few unique cases early in the XRP ecosystem. Still, XRP is not a security, and ongoing and secondary sales are not securities.

Third, the judge refuses the SEC and Ripple’s requests for summary judgment and orders a jury trial. Fourth, the court gives summary judgment to the SEC and clarifies that her decision has nothing to do with secondary sales.

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