As of March 28, XRP prices are currently outperforming all other major cryptocurrencies, gaining more than 21% over the past seven days.
XRP daily price chart | Source: TradingView
Accumulate XRP first shelf Decide litigation SEC–ripple
XRP has rallied steadily over the past seven days as the bitter lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is expected to end by the end of March.
Meanwhile, the XRP supply held by addresses with balances between 10 million and 100 million has increased by more than 1% since February, coinciding with a 0.75% decline in XRP supply held by address pools between 10 million and 10 million .
Addresses holding XRP balances between 1,000 and 100 million Token | Source: Santiment
Addresses holding between 10 million and 1 million XRP also increased their holdings during the same period. This suggests that in the days leading up to the SEC’s ruling, XRP whales hoarded more tokens than Ripple’s summary ruling.
Many observers, including legal expert John Deaton, forecast Ripple has won a lawsuit arguing that the SEC may have failed to give the company “fair notice” before suing the company for securities fraud.
Federal Judge Analisa Torres, who is overseeing the case, has also supported Ripple’s various moves in recent months. For example, she granted Ripple’s request to force the SEC to release internal cryptocurrency-related emails and documents to demonstrate that regulators were unfairly targeting the company.
woodiá Ripple falls 25% in April?
From a technical standpoint, XRP’s rally has brought the pair closer to the confluence area of ​​resistance, which could lead to a bearish reversal in the coming weeks.
The confluence lines include the multi-year downtrend line (black), the 200-3D exponential moving average (200-3D EMA, blue wave), and the support turned resistance near $0.5 (purple).
price chart Ripple three days | Source: TradingView
Additionally, XRP’s three-day relative strength index (RSI) is set to close above the overbought threshold of 70, further strengthening the bearish case for April.
On a pullback, the next downside target is multi-month rising trendline support (in black) around $0.35, about 25% below current prices.
On the other hand, a break above the downtrend line will push the XRP price towards $0.6 as the next upside target.
This level acts as support in December 2021 and January 2022, and resistance in the September-October 2022 trading session. It is also the target of an active bullish pennant structure.
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As reported by Cointelegraph
