XRP Price Surges, Bringing Hope to Crypto Community 🚀
Ripple’s price has been on the rise for the past two days, bringing excitement to XRP holders. The recent surge suggests that the downtrend that began in March might be coming to an end. In just two days, XRP’s price has soared by a remarkable 48%, with the current trading price sitting at $0.58209.
Historical Significance of Ripple 📈
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that XRP was an unregistered security. However, on July 13 last year, Ripple achieved a significant victory when the court ruled that XRP did not classify as a security. Following this ruling, historical data indicates that XRP saw a 100% surge. On the anniversary of this ruling, XRP is once again experiencing a boost, with a 48% increase.
Positive Technical Analysis for XRP 📊
Technical indicators are also signaling a positive sentiment for XRP. The Moving Average Convergence Divergence (MACD) line has crossed the signal line at 0.01284, while the signal line stands at -0.00281. This bullish trend is a promising sign for XRP’s future performance.
- All moving averages are acting as support and stabilizing the price
- XRP has crossed various resistances on the Fibonacci (FIB) chart
Zones to Watch:
- Support in the $0.54900 – $0.55800 zone
- Major resistance at $0.65
If XRP manages to break through the $0.65 resistance level, it could potentially continue its upward trajectory towards $1. Additionally, the weekly chart indicates that surpassing $0.65 in the coming days will propel XRP back into an uptrend, gaining support from the weekly trend line.
Data from Messari reveals that XRP has been a profitable asset over the past year, with a significant 377.56% increase from its lowest point during the downturn. However, XRP still remains 82.28% below its all-time high of $3.29 in January 2018.
Market intelligence from Santiment indicates that XRP whales are actively accumulating the cryptocurrency, supporting the current price surge.
Closing Snapshot ⭐
All signs point towards a continued price surge for XRP, backed by on-chain data and technical analysis. The crypto community eagerly awaits the resolution of Ripple’s SEC case, with experts predicting a potential surge to $10 once the lawsuit is resolved. Furthermore, the possibility of institutions accepting Ripple and the potential for a Ripple Exchange Traded Fund (ETF) could further drive XRP’s growth in the near future.
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