The hope of a favorable summary judgement in Ripple’s longterm legal battle with the SEC turned crypto investors and speculators bullish on $XRP, triggering a 25% rally above a key price resistance.
Excitement over the news could be improving investor sentiment about the longer-term prospects for XRP.From the perspective of technical analysis, XRP price is looking to secure a second daily close above a longterm descending trendline resistance and trading volumes and open interest on futures contracts have risen sharply in the past 24-hours.“XRP’s open interest is now at $575 million up from $310 million just a week ago.
Traders who are not yet positioned might consider waiting to see if the 200-day moving average at $0.49 is flipped to support over the next few daily closes. Typically, intraday and swing traders take profit at longer term resistance levels and they also anticipate price rejections and lower support retests after an asset manages a breakout from a period of long consolidation, price bottom or a market structure-altering move.
Crypto analytics data provider TheKingfisher drove a similar point by suggesting that buyers would “likely have an opportunity to long XRP lower.”Don't FOMO, Long the long liquidations
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