Third time’s a charm: Can XRP breach the crucial supply zone this time around
XRP investors clearly don’t know what to do with their investment, and understandably so. With the SEC lawsuit hanging over their necks, XRP has seen much better days in the past. Its near 50% correction from its November 2021 highs has been devastating for many.
Meanwhile, Ripple CEO Brad Garlinghouse has expressed his optimism that the never-ending case against the U.S. SEC will end positively in favor of the company.
While speaking at the fireside chat at the Paris Blockchain Week on Thursday, Garlinghouse claimed that Ripple’s defense in the ongoing case was faring better than he had earlier expected.
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”
<p lang=«en» dir=«ltr» xml:lang=«en»>Live from #PBWS2022, @bgarlinghouse sat down with @cnbc's @ryan_browne_ to talk crypto regulation, Ripple's global traction and use cases that he sees growing across the industry. pic.twitter.com/ouQYhY3B5n— Ripple (@Ripple) April 14, 2022
However, things on the technical front don’t look too bright. XRP saw a near 9% rally on 14 April, bringing it closer to a supply zone between $0.78-0.82 for the third time. But will it be able to breach the resistance for good? Technical indications look (sort of) weak at the moment despite the rally.
XRP/USDT | Source: Tradingview
It is currently trading below both the 50 and 200 DMA. Its trading volumes look average at best and RSI is also far below where it was last time around this price – suggesting weaker bullish momentum.
A proper breakout over the $1 level would bring about some lost vigor in the price action of the coin and end this period of directionless movements.
Along with that, on-chain metrics suggest weakness too. The
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