Ripple’s XRP is on the rise in early trading, supported by the upbeat mood among crypto traders as market leaders Bitcoin and Ethereum make gains, and reversing the previous session’s bearish moves. At the time of writing, XRP/USD is trading at around $0.66.
On the legal front, last week we reported how Ripple is planning to call a former SEC executive to the stand. This move has been opposed by the Commission in its recent court filing, which states, “To depose a former high-ranking government official like director Hinman, Defendants bear the burden of showing ‘exceptional circumstances’ justifying the deposition.”
The SEC maintains that Ripple does not have the requisite grounds to depose its former director of division of corporate finance, William Hinman. There is a possibility that he could provide key information about why the Commission labeled other leading cryptocurrencies Bitcoin and Ethereum as non-securities even as it went after Ripple’s XRP token.
Even as the lawsuit fails to provide any clear direction just yet, Ripple’s XRP could enjoy support from a leading crypto analyst’s bullish forecast. Credible Crypto took to Twitter to share his analysis on why he thinks XRP could outperform crypto leader Bitcoin, expecting it to climb back up above $1 in the near-term.
Key Levels to Watch
The smaller timeframe moving averages as well as leading technical indicators MACD and momentum are exhibiting signs of bullishness on the XRP/USD’s H4 chart. However, the larger MAs suggest a bearish bias looming as well.
Things do look promising as long as the price stays above the pivot point which sits at around $0.64. The next level of interest sits at $0.78, where buyers could face some resistance as they try to take the price higher. A break above this level can take Ripple’s XRP up above the key $0.90 level, shortly after which it could encounter more resistance at $0.91 before attempting to cross the $1 mark.