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Yesterday, March 19, will definitely be remembered as a remarkable moment for the cryptocurrency market, as it was officially announced that the SEC will drop its appeal against Ripple.
The company, which is involved in the cross-border blockchain enterprise solution, uses the XRP cryptocurrency in its services, and apparently the end of the legal misfortune had an impact on the price action of the third-largest digital asset at the moment, with the token jumping 11% in a matter of minutes.
Godfrey BenjaminXRP has been in the spotlight for a few months now, and the latest news only added to the hype surrounding the cryptocurrency. Since November, the price of XRP has soared 500% to a new all-time high, all amid talk of it being added to the U.S. Digital Asset Stockpile and receiving an XRP ETF.
The historical high for XRP currently stands at $3.40 and was set in January, just two months ago. However, as signaled by the Bollinger Bands, this price record may soon be rewritten.
Alex DovbnyaThe popular indicator, developed by John Bollinger and represented by the 20-day moving average and two deviations from it, paints a clear opportunity for XRP to shine in the coming weeks, with a new all-time high as first prize.
Thus, on the weekly time frame, XRP has found support at the middle band, tested it in the last two weeks and finally found support there.
As a result, a scenario has been implemented in which XRP aims to test sellers and buyers at the upper band, which is now stretched at the $3.489 level, which is 2.59% higher than the relevant price peak.
Vladislav Sopov
Dan Burgin