Source: Yahoo Finance
After experiencing a sharp decline at the end of December due to a lawsuit from the U.S. Securities and Exchange Commission (SEC), XRP/USD has been having a rather tough time. However, it seems to be breaking the pattern as a sharp ascent to $0.2914 is observed today, bringing its Relative Strength Index (RSI) to a presently overbought condition at 84.
Analyst Lorenzo Stroe from FX street opines that XRP/USD has now formed a symmetrical triangle pattern on the four-hour chart that is on the cusp of breaking out. An upwards traction towards $0.34 and $0.40 could be possible as there is weak resistance on the way up.
However, analyst Aayush Jindal from Live Bitcoin News believes that XRP/USD must first break past $0.300, the 55 simple moving average (SMA) and $0.3100 to begin its ascent.
Stroe also cautions that if the present trend of whales discarding XRP coins persist, it could lead to XRP/USD falling downwards. In the last two weeks, large whale holders with at least 10 million XRP coins have declined.
Ripple, its Chief Executive Officer Brad Garlinghouse, and co-founder Chris Larsen, was sued by SEC in a staggering $1.38 billion lawsuit over the sale of XRP is unregistered security. Since then, more than 25 platforms such as Coinbase and Bitstamp have delisted Ripple.
Until SEC releases a final decision, it appears that XRP/USD could be trading sideways. However, the appearance of any major catalysts could bring forth some action here..either good or not so good.
XRP/USD (as of Jan 19, 2021, 9.45 a.m., GMT +8) - $0.2914
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