Ripple’s XRP is on the rise in early trading on Monday even as other cryptocurrencies, especially the market leaders BTC and ETH, experience more muted moves. At the time of writing, XRP/USD is trading around $0.
There have been some interesting developments in the ongoing lawsuit between Ripple and the SEC, especially ever since the company issued a subpoena to William Hinman, former director of SEC’s corporate finance division. The SEC has been trying hard to block the request, including a letter to Judge Netburn last week, stating that Ripple was unable to meet “heavy burden of demonstrating ‘exceptional circumstances’ sufficient to justify such a deposition.”
XRP is also enjoying support from a slight weakness in the US dollar and an improvement in the market sentiment as fears of the delta variant of the coronavirus impacting global economic recovery recede. The uptick in the risk sentiment is also helping cryptocurrencies gain support on Monday.
Last week, a senior executive at Ripple shared in a blog post the company’s plans for expanding RippleNet’s services to enable seamless and cost effective payment transfers. Increased adoption of the technology is also expected to support XRP’s bullishness looking ahead, once the lawsuit is dealt with and closed.
Key Levels to Watch
On the 4-hour chart of XRP/USD, most of the moving averages and leading technical indicators MACD and momentum are offering a bullish bias. However, the larger timeframe MAs suggest the presence of sellers looming as well.
The price is sitting right above the pivot point at $0.64 and needs to overcome resistance at $0.69 level for the bullishness to strengthen. Keep an eye on resistance at levels $0.74 and then at $0.84 in case the uptrend picks up pace.
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