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The XRPUSD is Growing Amid Expectations of Positive Judicial News

3/29/2023 12:57 PM

This week, the XRP/USD pair continued its serious growth, outpacing the strengthening of other leading digital assets. Currently, the price has risen to the area of 0.5770, having added about 23.6% since Monday.

A significant increase in quotations is still associated with the expectation of the imminent completion of the lawsuit initiated by the U.S. Securities and Exchange Commission (SEC) against Ripple. Investors believe that the chances that the XRP token will not be recognized as a security are preferable and actively support the coin, pushing the quotes up. The legal expert John Deaton, acting on the side of Ripple, said that the announcement of the final court decision will take place this week or early next month, so in the near future the number of addresses with large stocks of XRP will continue to grow, and the price will rise, however, experts do not have a consensus on its behavior after the completion of the trial. Many believe that the defeat of the SEC will cause an additional influx of investments into the market, and quotes will be expected to continue to increase, however, there is a possibility that after a significant increase, investors will prefer to lock in profits. In this case, the price can expect a serious pullback.

Technically, the price is trying to consolidate above the level of 0.5615 (Murray level [7/8]) in order to continue rising to the levels of 0.5930 (Fibo retracement 50.0%), 0.6348 (Murray level [+2/8]), 0.6630 (Fibo retracement 61.8%). A serious exit of the price chart beyond the upper line of the Bollinger Bands does not exclude a pullback to the area of 0.5127 (Murray level [5/8]), however, the upward trend persists, as indicated by the upward reversal of the Bollinger Bands and the Stochastic, as well as an increase in the MACD histogram in the positive zone.

Resistance levels: 0.5930, 0.6348, 0.6630. | Support levels: 0.5127, 0.4883.

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