XRP has bullish characteristics on a weekly basis, indicating that the long-term bullish structure is still present. The short-term movement is unclear, though. The Ripple v. SEC legal dispute could soon come to a close. Both sides will make their closing arguments on September 19. Following that, a negotiating process between the attorneys for the two sides will begin and extend through the end of the year.
Long-term movement of XRP
Since hitting a high of $1.97 in April 2021, XRP has been declining beneath a descending resistance line (dashed). The decline has brought the price to a low of $0.287 in June 2022. A long-term ascending support line was confirmed by the subsequent bounce (green icon).
Since March 2020, there has been a support line available. The line also touches the $0.32 horizontal support region. Therefore, for the bullish structure to continue to hold true, the line must remain in place. In the first week of September, XRP reinforced this assertion by creating a higher low.
The aforementioned descending resistance line would be at $0.45 if the upward momentum keeps going. The weekly RSI has not yet managed to overcome its declinating resistance line. Thus, it is uncertain if the long-term trend is bullish or bearish at this time.
Future movement
Despite the weekly time frame's bullish signals, the daily time frame's price trend is still uncertain. The price is currently moving within a symmetrical triangle, which is the first explanation. Because the symmetrical triangle is regarded as neutral, both a breakout and a breakdown are still feasible.
The daily RSI is also easily oscillating above and below 50, another indication of an ambiguous trend.
