Yesterday, in the first half of the day, the trading volumes decreased and the pair rolled back to the psychological level of $0.50. The level kept the price from falling further.
In small volumes, buyers tried to break above the $0.53 resistance, but only this morning the XRP price broke through this resistance and tested the $0.57 level. Growth is not supported by large volumes; there is a high probability of a pullback to the support of $0.50. However, if buyers manage to increase volumes, the growth may continue and the pair will test the level of $0.60.
XRP is trading at $0.5787 at press time.
XRP Price Prediction 2021: Crypto Weekly Forecast (February, Week 3)
Yesterday in the morning, buyers broke through the psychological resistance at 0.500 USD and tested the 0.543 USD mark.
The sellers’ reaction was a rather strong bearish impulse, which forced to test the upper border of the blue sideways corridor of 0.450 USD. This level worked as support and the price bounced to the area of the fifty-cent mark, trying to gain a foothold above it in consolidation.
Now trading volumes have decreased and price volatility has decreased. We believe that today, at low volumes, the XRP price will roll back below the 0.500 USD level.
An additional signal in favor of the growth of XRP quotes in the current trading week, the week of February 15 – 19, 2021, will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the support area on the price chart. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.3005 area. This will indicate a breakdown of the support area and a continued fall in XRP / USD quotes with a target below the level of 0.1805. Confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the 0.6455 area, which will indicate a breakdown of the upper border of the “Triangle” model.
Cryptocurrency XRP Forecast for the week of February 15-19, 2021 implies an attempt to test the support level near the 0.4295 area. Where can we expect continued growth in quotations with a potential target at the level of 0.8455. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). The cancellation of the cryptocurrency growth option will be the breakdown of the 0.3005 area. This will indicate a continued decline with a target below 0.1805.
XRP (Ripple) has added more than 30% since the beginning of the week amid speculation that Ripple will be able to negotiate with the SEC, which will allow XRP to resume trading on exchanges.
The token again exceeded the $ 0.50 mark, above which it rose for a short time on February 1 during the pump of traders from Reddit.
According to the lawyer Stephen Pally, who specializes in blockchain and cryptocurrencies, Ripple is interested in quickly resolving disputes with the US Securities and Exchange Commission (SEC). The company will eventually be able to regulate this litigation, after which the XRP trade in the US exchanges will be released, BitNovosti writes.
The SEC listens to investors and does not decide to make a decision, including against the owners of XRP in the United States, the lawyer suggests.
Brian Brooks, the former head of the US Monetary Authority, also believes the litigation between Ripple and the SEC will lead to an agreement between the parties.
Recall that the SEC filed a lawsuit against Ripple and two of its top managers, CEO Brad Garlinghouse and founder Chris Larsen. In the filed case, the SEC argued that the company and its executives were selling unregistered securities and thus making a profit
Analysts believe that further XRP growth depends on the first meeting of the case, which will take place this month. However, the fact that the XRP price is moving with the cryptocurrency market once again gives hope to investors.