XRP Bulls Defend 50 EMA, Could $0.4491 be the Key?

• On March 21, Ripple [XRP] appreciated 30% amidst renewed optimism that Ripple Labs could win against the SEC lawsuit.
• Bulls must clear the $0.4491 obstacle to continue with the recovery.
• According to Santiment, XRP’s exchange flow balance was positive (84k), indicating a short-term sell pressure as more XRP could be available for offloading on CEXs.

Ripple [XRP] Appreciates 30%

On March 21, Ripple [XRP] appreciated 30% amidst renewed optimism that Ripple Labs could win against the SEC lawsuit. It jumped from $0.3733 to $0.493 but retraced after Bitcoin [BTC] temporarily lost hold of the $28k zone.

Bulls Must Clear Key Obstacle

At press time, BTC’s value was $27.50k, and it could block XRP from clearing the key obstacle at $0.4491. As such, XRP’s price action in the next week will be largely determined by new developments on the SEC lawsuit and BTC’s price movements. Bulls must clear the $0.4491 obstacle to continue with the recovery in order to reach a bearish order block of $0.4746 or potentially retest of the $0.5 level if they can clear the bearish order block. Alternatively, near-term bears could gain market entry if XPR closes below $0.4491 and sink XRP to retest either 20 EMA or 200 EMA support levels of $0