XRP Sees Bullish Surge Following SEC Lawsuit Dismissal
XRP has experienced a significant surge in both its Relative Strength Index (RSI) and price, indicating strong bullish sentiment. The cryptocurrency, ranked fifth with a market cap of $28 billion, is currently trading at $0.5245 and has seen a 7% increase in price over the past week.
XRP’s Bullish Narrative Strengthened by SEC Lawsuit Dismissal
The surge in XRP’s price comes after the Securities and Exchange Commission (SEC) dropped its legal charges against Ripple Labs executives. On the 4-hour chart, XRP has maintained itself above the 200 and 50-day moving averages, further supporting the bullish narrative.
Key Support and Resistance Levels for XRP
The key support levels for XRP are $0.467, $0.446, and $0.420, while significant resistance levels are at $0.514, $0.541, and $0.564. To reach the $1 mark, XRP must break above the overhead resistance around $0.56–$0.58. The asset has been trading within a rising channel since May 2022.
Bullish Signs for XRP’s Momentum
XRP’s RSI (14) is currently at the 55 level and has been trending upward since September. When both price action and RSI move in the same direction, it indicates building bullish momentum. It is expected that XRP will experience another 11.06% price jump to reach the $0.57 level and potentially rally to $0.630 as it tests the upper boundary of the channel.
XRP Expected to Rise by at Least 22%
Over the next few weeks, XRP is projected to rise by at least 22% before reaching the decision-making zone. The XRP chart shows an anomaly where price aggressively broke out of the channel, resulting in a 54% move in less than 24 hours. A successful breakout of the channel in the future could lead to similar significant gains for XRP.
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Hot Take: XRP’s Bullish Surge Signals Potential for Further Gains
XRP has seen a significant surge in both its price and Relative Strength Index (RSI), indicating strong bullish sentiment. With the SEC lawsuit dismissed and XRP maintaining itself above key moving averages, the cryptocurrency is poised for further gains. Breaking above resistance levels and successfully testing the upper boundary of the rising channel could lead to a major bull run past previous all-time highs. Additionally, Bitcoin Minetrix offers an affordable and accessible alternative to Bitcoin mining, allowing individuals to participate in the crypto space. By staking BTCMTX tokens, users can earn passive income and potentially win big through the ongoing token giveaway.
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