XRP price is trading at a 24-hour high of $1.21, at 0755 GMT on Monday, after gaining 2.05%. Over the past five days, the asset has struggled to break the $1.26 level. This comes despite XRP previously showing signs of an imminent break past the two-month barrier at $1.35.
XRP’s uptrend grounds to a halt
XRP’s price action has been held back by the ongoing case pitting the United States Securities and Exchange Commission (SEC) against Ripple Labs. The current barrier to the price movement is probably last week’s court decision against Ripple Labs, allowing access by the regulator to meeting recordings. Prior to that decision, XRP was on a two-week uptrend. That seems to have been halted, for now, with most investors likely to wait for some clues in the case before making decisive moves.
Technical analysis for XRP price
XRP price has recently broken out of the ascending channel to the lower side, as shown on the chart below. However, there is a narrow price movement in the two days after the breakout. This signals the possibility of a return to the ascending trajectory. The MACD indicator line is slightly above the signal line. In addition, the RSI is currently at 56. These two indicators make a strong case for bullish control.
If the bulls take charge, the price could rise to the first resistance at $1.260, with the second resistance likely to come at $1.300. Beyond that point, the next target will be at $1.385. However, if the momentum weakens, XRP/USD is likely to find the first support at $1.161, and the second one at $1.114.
