English
XRP Bulls To Retarget $0.80 as Calls for Regulatory Reform Grow
Following the positive Sunday, the Lummis-Gillibrand Act will be watched closely by XRP and the larger market on Capitol Hill.
XRP increased on Sunday by 4.68%. After losing 0.58% on Saturday, XRP gained 59.7% to $0.7478 by the conclusion of the week. A noteworthy development was that XRP retested resistance at $0.80 before closing the day below $0.75.
XRP Price Movement
XRP was trading at $0.7447 at the time of writing, down 0.41%. Early on in the day, XRP rose to a high of $0.7480 before dropping to a low of $0.7419, marking a mixed start to the day.
Daily chart
On the daily chart, the price of XRP/USD was below the resistance range of $0.7737 to $0.7870. The 50-day ($0.5299) and 200-day ($0.4720) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.
Notably, the 50-day EMA distanced itself from the 200-day EMA and demonstrated near-term bullish momentum.
XRP/USD avoided the top of the $0.6530-$0.6417 support range, enabling another run at $0.80, after falling from a high of $0.9337 on Thursday.
The upper level of the $0.6530 - $0.6417 support range and sub-$0.65 would come into play, though, if prices dropped down to under $0.70.
The reading of 72.19 on the 14-Daily RSI places XRP in oversold territory. The EMAs, however, indicate a run at $0.80.
Bonus rebate to help investors grow in the trading world!
