Over the weekend, Ripple’s XRP witnessed a positive surge in its price, buoyed by the recent victory of the Binance exchange against the US Securities and Exchange Commission (SEC). This outcome has fostered a sense of unity within the crypto community, viewing the financial regulator as a common adversary.
As a result, XRP experienced an upward trend in the past 24 hours, emerging as one of the few cryptocurrencies showing gains at the beginning of the new week. Ongoing discussions surrounding an imminent ruling in the legal battle between Ripple and the SEC currently bolsters the prevailing optimism.
Following a dip to $0.455 on Friday, Ripple’s price movement turned bullish, reigniting confidence among XRP holders as the remittance token’s legal dispute with the US financial regulator nears resolution. Currently trading at $0.4833, XRP had maintained its bullish streak since yesterday when Judge Jackson granted permission for Binance US to continue operations in the United States.
Consequently, CoinMarketCap reports a 0.52% price increase for the remittance token in the past 24 hours. However, XRP’s weekly performance remains negative at -4.69%. Moreover, the altcoin’s price has declined by over 80% since reaching its all-time high (ATH) of $3.84 in January 2018. With the 100-day Exponential Moving Average (EMA) providing support at $0.468, Ripple (XRP) is now entering a recovery phase as selling pressure subsides.
Suppose the momentum among buyers continues to grow. In that case, Ripple’s price has the potential to surpass the 50-day EMA at $0.485, potentially paving the way for a challenge against the resistance level at $0.495. In the event of sustained buying pressure, XRP could even approach the lower boundary of the supply zone at $0.521. This particular zone might trigger selling activity from traders and investors.
However, if buying interest remains strong, XRP’s price may breach this zone and reach the resistance level of $0.542. Such a move would indicate a 12% increase from the current price.
The upward movement of the Relative Strength Index (RSI) on XRP’s daily chart further supports the optimistic outlook for its price, indicating a growing momentum in favor of the bulls. Conversely, early profit-taking could disrupt the upward trend and potentially lead to a drop below the 100-day EMA.
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