On Friday, XRP gained 5.09%. After a 0.98% gain on Thursday, XRP closed the day at $0.35722. XRP, which formed a local bottom with $ 0.31 on July 7, is trading at $ 0.35 at the time of writing. However, before a minor pullback, XRP seems to have climbed above $0.36.
According to analysts, the fact that XRP broke the first major resistance level at $0.3458 and the second major resistance level at $0.3517 could be a bullish signal. In addition, a particularly bullish Friday session seems to have increased the demand for riskier assets. The NASDAQ 100 ended the week up 4.14%, with 2.11% gains. A marked shift in sentiment towards monetary policy supported increased demand for riskier assets.
According to analysts, for XRP to rise to $0.36, the first major resistance level must remain above $0.3458 and the second major resistance level at $0.3517. If the rise continues, it is thought that XRP can target $ 0.37. It is stated that the next main resistance will be at $ 0.39. At this point, analysts state that the biggest factor is the litigation process.
While the rise in risk sensitivity is good news for Ripple (XRP) holders, the anticipated court ruling on the Hinman documents remains a headwind. In late July, the SEC appealed against a court order rejecting the SEC's motion to protect documents related to Hinman's speech under attorney-client privilege. A decision on the SEC appeal could come at any time. As background, former SEC Director of Corporate Finance Division William Hinman is a central figure in the SEC and Ripple case. In a famous speech in 2018, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.