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The XRP/USD pair makes a bullish movement despite a going legal battle. The legal dispute between Ripple Labs and the Securities & Exchange Commission (SEC) stretches on as the prosecution witnesses no end in sight despite the blockchain firm registering a motion to drop the case over a month ago. The SEC claims against the right of XRP owners to confer evidence. In reply to Ripple holders’ motion to negotiate in the $1.3 billion lawsuits, the SEC hits back at XRP holders once again, and that is extending pressure on the XRP/USD pair.
XRP/USD is trading bullish at 1.6076 level, having violated the resistance level of 1.6055 on the 4-hour timeframe. As we know, the ascending triangle pattern has a high tendency of breaking on the higher side, and that’s exactly how it has violated the pattern. On the higher side, the pair is prone to go after the next resistance area of 1.7756 level.
On the lower side, the support continues to stay at the 1.6055 level. Closing of 4- hour candles above this level is likely to drive more buying in Ripple. Conversely, XRP/USD can trade lower until 1.5029 and 1.4350 level upon breakout of 1.5965 support area.
XRP/USD Daily Technical Levels
Support Resistance
0.411614 0.528154
0.372767 0.605847
0.295074 0.644694
Pivot Point: 0.489307
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