Ripple’s XRP token continues to rise. This week’s trading trading yielded a huge return for the cross-border token, considering the price dropped to $ 0.35 the previous week.
While Ripple is trading at $ 0.63, the bulls have an eye on $ 1, but they must break the $ 0.75 resistance first.
Ripple Lab’s Inc. recently submitted a response to the Securities and Exchange Commission (SEC) case. Ripple denied all charges against him and his top executives. The SEC claims that Ripple did not register with it at the beginning of its activities and has escaped the regulator for seven years. The battle for editing clarity seems to have begun for Ripple, and the road could be bumpy.
On the other hand, XRP continues to rise on a weekly basis despite the uncertainty. XRP is preparing for a final rise to $ 1 after closing the day above $ 0.6. The recovery from the bottom has been permanent and steady. All eyes have shifted to short-term resistance of $ 0.75, which seems to have an important function towards reaching $ 1.
The bullish outlook was strengthened by the MACD. The MACD line (blue) above the signal line is a bullish signal, which means the bullish trend will move to higher price levels. This technical indicator monitors the asset’s trend and measures its momentum.
Also, XRP holders are currently on a purchasing spree, according to data from Santiment. A few weeks ago, following the pump, the whales emptied their bags in large quantities. However, it seems like the token is withdrawing them. For example, addresses containing 1 million to 10 million XRP rose from 1,117 to 1,151 on February 1, an increase of 3%. If this buying pressure continues to grow, we can expect XRP to rapidly rise to $ 1.
It is worth noting that XRP could begin to correct from the bullish, where it failed to go above $ 0.75. Moreover, the bulls should defend the support at $ 0.6 as if their lives depended on it, it is very important to close above this level. Otherwise, Ripple may see the selling pressure intensify, especially while in a period of uncertainty. The most critical support is $ 0.5 at the 50 Simple Moving Average, but the primary support at $ 0.35 will work if the dips are rapidly increasing.