Ripple Price Forecast – XRP/USD Sideways Trading in Play, Brace for a Breakout!

XRP/USD closed at $0.94639 after placing a high of $0.94639 and a low of $0.92290. XRP/USD rose and recovered a minor portion of its previous losses. The cryptocurrency dropped for two consecutive sessions but reversed its course on Sunday. On Friday, the lawyers representing the Ripple Labs, its CEO Brad Garlinghouse and co-founder, Chris Larsen filed a motion to compel the SEC to produce two sets of documents that the company requested earlier this year. Ripple demanded the documents related to the communications of SEC with third parties regarding Bitcoin and Ethereum to disclose to why the agency considers bitcoin and ether as commodities and not securities like XRP.

However, despite the repeated instructions, the SEC persisted in refusal to provide documents on internal communications regarding cryptocurrencies BTC , ETH , and XRP . The motion to compel SEC to hand over the documents moved back and forth among the two parties and Judge Netburn. This back and forth movement in the SEC lawsuit kept the prices of Ripple’s coin XRP under pressure over the weekend.

Meanwhile, the declining prices of the U.S. dollar also played an essential role in raising the prices of XRP/USD over the weekend. The greenback came under heavy pressure after the U.S. Dollar Index (DXY) dropped to the 90.03 level, followed by the declining U.S. Treasury Yields amid poor-than-expected economic data released on Friday about the job creation by the U.S. Labor Department. The weak U.S. dollar helped the crypto pair recover some of its previous day’s losses on Sunday.

XRP/USD Daily Technical Levels

Support Resistance
0.93073 0.95422
0.91507 0.96205
0.90724 0.97771
Pivot Point: 0.93856

The XRP/USD pair is trading sideways, maintaining a wide trading range of 1.07815 level to 0.79788 level. Bullish crossover of 1.0781 level can drive further buying in Ripple until next resistance area of 1.2948 level as this marks 61.8% Fibonacci retracement level. On the lower side, the support continues to hold around 0.7978 areas. The MACD and RSI support a bullish trend, while the EMA is supporting selling bias. The idea is to take a buy trade upon breakout of 1.0781 level. Good luck!