At the beginning of the American session, XRP is trading at $ 1.0081 with a recovery of more than 15% which represents a daily rise. This is the largest percentage increase in one day since May 24.
Ripple has scored another significant victory against the United States Securities and Exchange Commission (SEC), after access was denied by the SEC to the company's legal advice documents.
According to the decision published on May 30, Magistrate Judge Sarah Netburn denied the SEC's motion to obtain access to any legal advice Ripple has requested or received regarding the regulatory status of XRP.
XRP is one of the most popular cryptocurrencies due to its structure and processing speed. In the medium term, we expect Ripple to remain above the key level of $ 1.00, thus there could be a strong appreciation up to levels of $ 2.35 and up to its all-time highs of $ 3.10.
In the chart, we can see that Ripple has broken a downward pressure line with a decisive candle and consolidating above the 21 SMA, with a strong bullish momentum to the 1.29 area in the short term.
However, the eagle indicator is showing an overbought signal. A technical bounce is likely to happen in the 0.9185 area in the coming few hours. A key level to watch for a new bullish momentum is an area where you can buy.
Below this zone, XRP has strong support of 0/8 of murray at the level of 0.7812. This will now be its immediate floor. Any price action in this zone will give it momentum and may be attractive to institutional buyers because of the expected climb up to the 1.30 zone in the medium term.
Support and Resistance Levels for May 31, 2021
Resistance (3) 1.1001
Resistance (2) 1.0786
Resistance (1) 1.0145
----------------------------
Support (1) 0.9026
Support (2) 0.8792
Support (3) 0.8295
