Ripple price is attempting to break the resistance at $1.2000 after pulling back from Tuesday’s high. Despite the high volatility that continues to rock the crypto market, it has been trading steadily above the psychological $1.0000 since mid-August.
In the ensuing sessions, the crypto will likely record further gains as a bullish sentiment continues to influence prices in the broader crypto market. Investors will be looking for further cues from the ongoing SEC lawsuit.
Besides, as the leading crypto, Bitcoin’s price movements will have an impact on the altcoin. A rebound towards the crucial level of $50,000 may boost the altcoin to August’s high.
Ripple price technical analysis
XRP has begun the new month in the green as the bulls attempt to retest the previous session’s high. On Tuesday, the crypto hit an intraday high of 1.2427, which was its highest level in one week.
At the time of writing, Ripple price was up by 1.19% at 1.1953. For the second session in a row, it is finding resistance at 1.2000. Notably, that has been a crucial level since mid-August when it dropped from its three-month high of 1.3426.
On a two-hour chart, the crypto is trading above the 25 and 50-day exponential moving averages. It will likely hover around 1.2000 before gathering enough steam to retest Tuesday’s intraday high at 1.2409. On the flip side, Ripple price may pull back to along the 25-day EMA at 1.1590 before bouncing back to the 1.2000 resistance zone.