Ripple Price Analysis: XRP Targets $1 After Momentum in SEC Lawsuit

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2022-04-16 12:44:15

Ripple price analysis today continues to show bullish signs, as the price surged more than 3% in the past 24 hours to as high as $0.724. The rally was supported by positive news for Ripple Labs in its ongoing lawsuit with the SEC. The presiding judge for the case ordered access to key documents that resulted in a big win for Ripple Labs. The momentum reflects the price movement over the past 24 hours, as XRP targets the $1 mark. 24-hour trading volume is also down 12% while market capitalization is up 3%, setting a positive outlook for XRP.

The crypto market has offered a positive outlook overall, as Bitcoin rallied nearly 5% to break above $41,000. Ethereum has rallied back above the $3,000 mark with a 4% gain, while major altcoins are also in the green. Dogecoin rose 4% to $0.14, while Cardano rose to $0.96 with a 3% gain. The biggest winners in the market are Terra and Polkadot, each recording a 6% gain to reach $87.30 and $18.20 respectively.

Ripple Price Analysis: Price targets key EMAs on daily chart

On the 24-hour candlestick chart for Ripple price analysis, XRP can be seen rising as the price tracks the key 25 and 50-day moving averages (EMAs) at $0.75. The relative strength index (RSI) is also rising, but still represents a low market valuation at 39.41. The moving average convergence divergence (MACD) curve remains below the neutral zone through the bearish divergence formed on April 1, but could rise for the first time in a month as prices move up.

Ripple Price Analysis: 24-hour chart. Source: TradingView

In line with current trends, the next resistance will be found near the weekly high of $0.79 with support located at $0.70. If the first resistance area can be broken within 24-48 hours, XRP will see significant penetration towards a potential rally to $0.90, where selling is expected. Conversely, any movement below support will invalidate the bullish thesis.

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