The cryptocurrency sector has seen a tremendous surge, with Ripple’s XRP being the biggest attraction. This surge has led XRP to break several key resistance levels and reach $0.52.
XRP Daily Chart Source: CoinGecko
On-chain statistics support this trend, revealing that transactions on the XRP network have risen to 2.55 million over the last 24 hours, and transaction transfers have increased to 1.47 million.
Source: DeFilama
These developments point to significant bullish momentum and a resurgence of investor and trader confidence in XRP.
The rising volume shows the upward trend in XRP’s price on the daily chart, which shows growing investor interest and market participation.
Despite this confidence, we must exercise prudence. XRP’s Relative Strength Index (RSI) is currently at 66, approaching overbought territory. However, if the positive momentum continues, XRP may continue its upward trend.
Massive increase in XRP
Data from CoinGecko shows that Ripple’s XRP has gained 19%, continuing its seven-day gain.
This increase is occurring on the anniversary of the pivotal decision in the SEC v. Ripple case, which concluded that XRP’s secondary market sales do not qualify it as a security.
It is impossible to underestimate the importance of the SEC’s decision. XRP rose to $0.5661 on its one-year anniversary, the most noteworthy level in 2024 and the biggest week after week increment of the year.
This judicial movement has instilled confidence in investors, raising expectations that the upcoming SEC vs. Ripple lawsuit will end well for Ripple, perhaps pushing XRP prices even higher.
Investors are anxiously awaiting the trial verdict; with attorney Fred Rispoli estimating that the case could conclude in July 2024.
Despite the current legal struggle, XRP maintains a solid performance. It has maintained its seven-day increase and now ranks among the top ten cryptocurrencies by market capitalization.
This euphoric mindset, fueled by judicial triumphs and market circumstances, implies that XRP’s gains could be extended further.
XRP Price Forecast and Current Price
Source: TradingView
XRP is presently trading at $0.53, down 0.81% over the last 24 hours, but up 24.10% in the last week. The market capitalization for XRP is $29,654,952,930, with 56 billion XRP in circulation.
If the price can effectively retest the support level at 0.4645 and then overcome the crucial hurdle at 0.567, the market could move upwards towards the target zone.
However, failure to break the 0.567 resistance level could cause a retest of the support level and sideways price action inside the support and resistance ranges.
