TL;DR Breakdown
- Ripple price analysis shows price shot up more than 3 percent over past 24 hours
- Ripple Labs gained momentum in lawsuit vs SEC after judge offered access to key documents
- 24-hour trading volume dropped 12 percent while market cap grew 3 percent
Ripple price analysis continues to show bullish signs today, as price racked up more than 3 percent over the past 24 hours to move as high as $0.724. The upward momentum was backed by positive news for Ripple Labs in the ongoing lawsuit vs the SEC. The presiding judge for the lawsuit ordered access to key documents that posed a big win for Ripple Labs. The momentum is reflective in the price movement over the past 24 hours, as XRP targets the $1 mark. The 24-hour trading volume also dropped 12 percent while market capitalisation rose by 3 percent, posing a positive outlook for XRP.
The larger cryptocurrency market provided a positive sight overall, as Bitcoin rose almost 5 percent to move above $41,000. Ethereum moved back above the $3,000 mark with a 4 percent increment, while major Altcoins also stayed in the green zone. Dogecoin rose 4 percent to hit $0.14, while Cardano moved up to $0.96 with a 3 percent upswing. The biggest winner across the market was Terra, and Polkadot, each recording a 6 percent increment to move up to $87.30 and $18.20, respectively.
Ripple price analysis: Price targets crucial EMAs on daily chart
On the 24-hour candlestick chart for Ripple price analysis, XRP can be seen on the up with price eyeing the crucial 25 and 50-day exponential moving average (EMA) at $0.75. The relative strength index (RSI) is also on the up, but still represents lowly market valuation at 39.41. The moving average convergence divergence (MACD) curve still sits well below the neutral zone through the bearish diversion formed on April 1, but could be on the up for the first time in the month as price rallies upwards.
At current trend, the next resistance will be found near the weekly high of $0.79 with support set at $0.70. If the first resistance zone can be breached over 24-48 hours, XRP will make significant inroads towards a potential rise to $0.90 where sell offs will be expected. Conversely, any movement below support will invalidate the bullish thesis.
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