In the crypto market, Ripple (XRP) may face a tough time as it faces a $2 billion claim from the US Securities and Exchange Commission (SEC). Investors are carefully waiting to see if the price bulls can push it above a certain level.
Current Status of XRP
According to recent price movements, XRP has rallied after a strong support and is currently trading above $0.630. The 4-hour charts indicate that the uptrend may continue and the price may move higher.
XRP managed to surpass certain resistance levels and climb above $0.640. However, the resistance at $0.6560 poses a significant hurdle for XRP and if it breaks above this level, it may face resistance levels at $0.700 and $0.7320.
Potential Downside Scenarios
If XRP fails to overcome the current resistance levels, it could enter a downtrend and decline towards the first support level at $0.640. If the price declines below $0.620, the $0.5685 support level could be retested.
Technical analysis indicators, especially MACD and RSI, show that the market is currently indecisive and future price movements are uncertain. XRP's key support and resistance levels are of great importance to investors.
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