XRP Price Prediction: XRP Started a Fresh Surge Above $0.550 after the Recent New York Federal Judge Ruling

NEW DELHI (CoinChapter.com) — XRP started a fresh surge above $0.550 after the recent New York federal judge ruling. However, the Bears are still defending $0.620.

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XRP price showed strong signs of life after a recent New York federal judge ruling. The civil penalty that Ripple Labs was ordered to pay was a lot lower than what the SEC asked for.

Following the ruling, Brad Garlinghouse tweeted about the development. The SEC had asked for $2 billion, but the court recognized that they had overplayed their hand and reduced their demand by ~94%.

The XRP price reacted positively to the news, surging past the $0.520 and $0.550 resistance levels. There was a close above the $0.60 level and the 50-day simple moving average (blue). However, the price ran into a major hurdle at $0.620 and $0.660.

It seems like the bears are active near the $0.620 zone. On the daily chart, a major bearish trend line with resistance at $0.620 acts as a crucial barrier to further gains.

To continue higher, XRP must clear the trend line resistance at $0.620. The next key barrier sits near the $0.6550 and $0.660 levels. A convincing move and close above the $0.660 resistance zone could set the tone for more upsides.

The first major resistance above $0.60 is near the $0.700 level. If the bulls push the price above this level, there could be another steady increase toward the $0.740 level.

The next major resistance is near the $0.7550 level, above which the price could accelerate higher. In the stated case, the price might climb and test the $0.780 resistance. Any more gains might open the doors for a test of $0.80.

Another Rejection?

On the downside, the XRP price might fail to settle above the trend line resistance or $0.660. In the stated case, there could be a downside correction. Immediate support sits near the $0.5940 level and the 23.6% Fib retracement level of the recent surge from the $0.4332 swing low to the $0.6425 high.

The next major support is seen near the $0.550 level, below which the price could revisit the 50-day simple moving average at $0.30. It is close to the 50% Fib retracement level of the recent surge from the $0.4332 swing low to the $0.6425 high.

A downside break below the $0.530 support might set the pace for a fresh bearish wave. In the stated case, the price may decline toward the $0.480 level or even $0.4320.

Overall, the XRP price is aiming for more upsides above $0.620. If the bulls remain in action, there is a chance of a move above the $0.620 and $0.660 levels in the coming sessions.

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