Bullish party in crypto as XRPUSD case against SEC rules in favor of XRP.
July 13, 2023 9:22 pm
Yellow line -resistance
Blue line – support trend line
A U.S. judge ruled earlier today that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges. The result was for XRPUSD to skyrocket initially above the short-term resistance of $0.52-$0.55 and later towards $0.90. Currently trading around $0.80, XRPUSD is forming an impressive break out. Of course we need to see some follow through the following days in order for bulls to be more confident that a new up trend is starting. As we mentioned in previous posts, holding above the blue support trend line was key for bulls and was giving hopes for another move higher. This technical view combined with the bullish news by the US judge have helped skyrocket the price.
Red line -long-term resistance trend line
Nevertheless bulls should not ignore the long-term monthly resistance trend line shown in red in the monthly chart above. Bulls do not want to see XRPUSD form another lower high. First step towards a major trend reversal for XRPUSD would be for price to break above the red downward sloping resistance trend line. The positive news on XRP did not leave the other cryptocurrencies unaffected.
Black line -resistance
Blue line- support trend line
Bitcoin is breaking above the $31,000 resistance level that stood solid for so many weeks. Price is breaking above a sideways consolidation that we witnessed for a few weeks. The RSI is not forming a new higher high yet and therefore traders should remain cautious. Support at $29,700 remains key.
Red line- support trend line
Black line -resistance
Ethereum is also moving strongly upwards by breaking to new multi week highs. Price is now trading around $1,992, a price level not seen since April. Price here is also forming higher lows but there is still a lot of room to cover until the major horizontal resistance at $2,140.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow line -resistance
Blue line – support trend line
A U.S. judge ruled earlier today that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges. The result was for XRPUSD to skyrocket initially above the short-term resistance of $0.52-$0.55 and later towards $0.90. Currently trading around $0.80, XRPUSD is forming an impressive break out. Of course we need to see some follow through the following days in order for bulls to be more confident that a new up trend is starting. As we mentioned in previous posts, holding above the blue support trend line was key for bulls and was giving hopes for another move higher. This technical view combined with the bullish news by the US judge have helped skyrocket the price.
Red line -long-term resistance trend line
Nevertheless bulls should not ignore the long-term monthly resistance trend line shown in red in the monthly chart above. Bulls do not want to see XRPUSD form another lower high. First step towards a major trend reversal for XRPUSD would be for price to break above the red downward sloping resistance trend line. The positive news on XRP did not leave the other cryptocurrencies unaffected.
Black line -resistance
Blue line- support trend line
Bitcoin is breaking above the $31,000 resistance level that stood solid for so many weeks. Price is breaking above a sideways consolidation that we witnessed for a few weeks. The RSI is not forming a new higher high yet and therefore traders should remain cautious. Support at $29,700 remains key.
Red line- support trend line
Black line -resistance
Ethereum is also moving strongly upwards by breaking to new multi week highs. Price is now trading around $1,992, a price level not seen since April. Price here is also forming higher lows but there is still a lot of room to cover until the major horizontal resistance at $2,140.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: