Ripple Price Analysis: XRP Struggles To Break Above The $0.50 Psychological Level
Daily Ripple XRP Price Forecast
- Ripple bulls have been in charge for two straight days.
- In the 4-hour Ripple price chart, the 20-bar SMA has crossed the 50-bar SMA to form a bullish cross.
Since February 24, the Ripple price had been trending between $0.48 and $0.41, in a narrow $0.07 channel. Over the last six days, the Ripple price had encountered constant resistance at the 20-day SMA , which forced XRP to drop below the 50-day SMA. However, the buyers have stepped back into the game.
Ripple Price has Flipped The 50-day SMA From Resistance To Support
The buyers have taken control of the market over the last two days and managed to go up from $0.435 to $0.47. In the process, the buyers have flipped the 20-day and 50-day SMAs from resistance to support. However, XRP has repeatedly tried to break past $0.50 and failed to do so.
Image: XRP/USD daily
The 4-hour Ripple price chart also shows another bullish signal. The 20-bar SMA has crossed above the 50-bar SMA to form the bullish cross pattern. The RSI in this timeframe is nowhere close to the overbought zone, so further growth is expected.
Image: XRP/USD 4-hour
XRP Holders Denied A Seat In SEC v. Ripple Case
Amid the ongoing SEC-Ripple legal battle, 6000 XRP holders had attempted to insert themselves as third-party defendants in the lawsuit. However, judge Analisa Torres has denied the motion “without prejudice," meaning lawyers representing XRP investors can refile in the future.
XRP holders' motion argued that the SEC lawsuit did not adequately represent their interests. The token holders’ filing included a pre-motion letter to the SEC, giving them an opportunity to respond. According to court rules, the SEC has three business days to respond to any such motion but has requested an extension until March 22.
If granted, is unclear whether this extension would also allow any legal team representing XRP token holders to file another motion to intervene. For now, it appears that XRP investors may not be involved in the SEC case against Ripple.
Ripple Price Is Expected To Reach These Levels
We expect Ripple price to make another charge for the $0.50 psychological level.