California, USA – XRP trades at $1.1950, yet analysts say it should still push through to fully recover from its losses. On another note, XRP traders uncovers a bomb that can help the case, which US Securities and Exchange Commission or SEC filed against Ripple.
The rebound finally happened after XRP traded at $1.19, reaching an almost $1.20 mark. It has been on a downtrend when it didn’t withstand over the $1.30 threshold this week. Friday’s impressive boost revived the bullish traders’ optimism. It was also after Ripple announced a plan for development, which might make XRP Ledger challenge BSC and ETH in the smart contract field.
XRP stalled upswing at the 50 SMA or Simple Moving Average, letting trade at $1.1950. Even though it encountered a downtick, the technical picture stays upbeat, especially when the breakout confirmed the break over the resistance level at $1.1201. The uptrend displayed how XRP bulls might take out the 100-SMA and 21-SMA, with prices $1.1629 to $1.1482, respectively.
The RSI or Relative Strength Index is going south after collaborating with the XRP price’s retracement. It leads the indicator to 54.04, which keeps the bullish traders positive. Hence, XRP needs to defend its position at the 100-SMA to recover fully from multi-day troughs. If it doesn’t succeed in holding onto the latter, it might bring the 21-DMA resistance-turned-support at $1.1342.
On another note, the case of SEC against Ripple is still ongoing, and XRP traders filed a motion to intervene in the case. There are more than 12,000 traders who filed the motion, which Atty. John Deaton represents. The court’s decision whether to grant the request or not is still pending. However, Deaton has been getting and sharing significant evidence to the public regarding the case of Ripple and SEC. He shared a Twitter video about SEC’s perspectives on digital assets, which was from Consensus 2019. The video included Amy Starr, SEC’s Chief of the Office of Capital Markets Trends, and Dorothy DeWitt, the General Counsel.