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Ripple (XRP) continues to trade on a bullish sentiment amid an upbeat momentum across the broader market. At press time, XRP trades up at $0.8950 with an intraday gain of 3.5%.
After a prolonged bearish period, the cryptocurrency market appears to have snapped out of the bearish trance, as investors troop back into the market sending benchmark cryptocurrency Bitcoin above $45,000. Meanwhile, Ethereum is also exerting bullish pressure on the market after the launch of its highly-anticipated London Hard Fork last week.
In other news, the Ripple vs. SEC legal battle continues to drag along with the Commission filing a new motion demanding access to communication info between Ripple’s employees on Slack. The SEC claims that a good amount of Slack data was removed from the discovery and insists that it gains access to the data.
Ripple has since filed a request asking for more time to prepare the data, demanding an extension on the deadline from August 12 to August 16.
Meanwhile, XRP could receive an extra boost from a new development with crypto exchanges KickEX. The trading platform recently announced that it had added XRP as a tradable asset on its platform, which could drive demand for the token.
Key Ripple Levels to Watch — August 11
With the recent spate of bullish movements, it appears that the previously bearish market sentiment is now over. XRP currently trades a few points under the $0.9000 level, as the $1 psychological level comes into view.
While the market is in extreme bullish mode, it calls for some caution for bulls, as XRP is now in overbought conditions, and a sharp correction could be around the corner.
Meanwhile, our resistance levels are $0.9000, $0.9270, and $0.9500, and our support levels are $0.7000, $0.6500, and $0.6000.
Total Market Capitalization: $1.91 trillion
Ripple Market Capitalization: $41.3 billion
Ripple Dominance: 2.15%
Market Rank: #6
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