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Ripple finally managed to break above $0.45

XRP Breaks Above $0.40, as Ripple Pushes Against SEC

Posted Tuesday, September 20, 2022 by
Skerdian Meta • 1 min read

Gold has been showing resilience in 2023, opening around $1,800 and continuing higher, where it formed a support zone, which held throughout the year. Buyers have been in control during most of the year and they broke above the all-time high at $2,075 in the first week of December, but the price retreated lower below $1,900 again, however buyers have stepped in and now they are threatening the previous resistance for a second time. We have seen a few technical setbacks in Gold this year. However, XAU/USD has now risen to sit higher, recovering from around $1,974 after finding support at the 50 SMA (yellow) on the daily chart. The price bounced off that moving average and now the 20 SMA (gray) has turned into support for Gold, indicating that the buying pressure remains strong. Gold Daily Chart – Can Buyers Push Above the Resistance? Smaller MAs are now turning into support for XAU However, the important resistance zone from the 2,020 high at around $2,075 remains on the daily, weekly, and monthly charts, and it is the critical level to watch heading into next year. The break above this level early this month came as a bit of a fluke, as the price spiked higher on geopolitical news. So, this time buyers don't have the same stamina as back then. So, Gold remains in demand as the economic and political uncertainties remain high across the globe. January is the best month for XAU though. But the rally since November also comes on the back of a weaker USD, while bond yields have been retreating lower, which is a key driver for [[Gold]] in particular. The market is stepping up pricing for central bank rate cuts in 2024 which has been pulling the USD lower and pushing Gold prices higher. But, buyers will have to push above $2,075 first to keep the bullish momentum going, so one step at a time. Gold Live Chart [[Gold-graph]]

Despite the Ethereum Merge being a success, the price action on ETH/USD and most of the crypto market was disappointing, as investors expected Ethereum to explode after the successful move from power of work (PoW) to the power of stake (PoS).

Most of the affected cryptocurrencies by the Ethereum Merge are the projects that depended on Ethereum’s poor performance. Ethereum’s difficult scaling and the high gas fees forced a lot of investors to migrate to EVM chains. The Merge is expected to improve a lot in this regard, but the markets were less than excited, which sent the price down toward $1,200.

Ripple H1 Chart – Buyers Resumed Control After the Retreat

XRP/USD has pushed above the major resistance level at $0.40

Now, Ripple has become the second largest PoW blockchain after Bitcoin. XRP/USD has seen some increased volatility recently, with the upside being in favour of traders and we decided to close our buy XRP signal, booking some nice profit. Now the price has climbed above the resistance zone around $0.40.

Over the weekend, Ripple Labs filed a motion in the federal court asking for the case to be dismissed before trial. Because there was no “investment contract” giving investors rights or compelling the issuer to act in their best interest, Ripple claimed that XRP could not be classified as a security.