Technical analysis by Renata-1 about Symbol XRP: Buy recommendation (8/19/2024)

News related to Ripple and its legal issues with the SEC, along with volatility in the broader cryptocurrency market, could significantly impact XRP's price.XRPUSDT is currently in a short-term uptrend, supported by an ascending trendline.The 34 and 89 EMAs are rising, confirming the short-term trend; the price needs to stay above these levels to maintain the long-term uptrend.The $0.65 - $0.70 resistance zone has seen strong selling pressure, and breaking this will determine the next direction.The nearest support is at $0.54 - $0.56, and if the price bounces from here, the uptrend may continue.If the price can break through the $0.6550 resistance and hold above it, a short-term rise could follow.XRP saw a surge in its value by approximately 17% following a favorable court ruling for Ripple Labs in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This ruling has been a major positive factor for XRP, contributing to its recent price rise and improving investor sentiment towards the token​