XRP price made significant gains in early trading on Tuesday, rising by 2.04% in 24 hours to trade at $1.178.
Brian Armstrong, CEO of Coinbase, has shown his support for Ripple in its battle with the Securities and Exchange Commission of the United States. Through his twitter page, he opined that the case was actually going XRP’s way better than expected.
It should be remembered that Coinbase’s decision to delist XRP in January 2021 triggered a series of events that led to XRP’s steep price plummet. Therefore, any hint of relisting of the coin could strengthen it.
In the meantime, XRP’s parent company, Ripple, has inked another deal to facilitate money transfer. The agreement between Ripple and fintech company Pyypl will see the former offering on-demand liquidity solutions for money transfer between Middle East and Africa.
The move not only points to XRP’s endurance against the harsh environment created by the SEC lawsuit, but could also propel the token’s price higher. This is because XRP will be used as the bridge between fiat currency transactions, which could prop up demand.
XRP price has been trading sideways over the past two weeks, and the price is still within the range. For XRP price to break out of this to form an uptrend, it would need the market momentum to strengthen beyond the current 54 into the 60s on the RSI scale.
The 10-EMA (green line) is still above the 20-EMA (red line), which signals the possibility of the price rising for the third day in a row. The RSI indicator has also risen from 48 to 54 over the past two days, which makes a strong case for bullishness. If the bulls sustain the upward momentum, the XRP price is likely to rise to the first resistance level at $1.146, beyond which it could encounter the second resistance at $1.162.
Considering that the current market momentum is mildly strong, a reversal is also possible. If the bear stake control, the price is likely to head down to the first support at $1.084, while the second support is likely to be established at $1.040.