Amid the ongoing crypto rebound led by Bitcoin (BTC), XRP from Ripple Labs shows signs of bullish sentiment. With a capitalization of about $60 billion and a daily trading volume of $2 billion, XRP surged 7.4% over the past 24 hours, reaching $0.608.
XRP Price Ready for Liftoff
The XRP price has consolidated around the apex of a six-year symmetrical triangular pattern in recent months. From a technical standpoint, XRP price is ready for a historical liftoff toward its all-time high soon.
Why Bullish Now?
Ripple remains focused on developing the XRPL network to compete with other top-tier smart contract-based blockchains. Recently, Ripple announced that the XRPL Testnet has been successfully reset, improving efficiency and reducing costs to run a Testnet node. The end of the lawsuit filed by the US SEC has been a significant milestone for XRP and its development.
Technical Analysis and Prospects
Already, the XRP price closed above the 50-day moving average (MA) last week and now aims to hold above the 200-day MA as a crucial support level. A consistent close above $0.65 will push the XRP price toward the next liquidity range between $0.95 and $1. If sentiment is bearish in the near term, the support level for XRP will be around $0.45.
With the conclusion of the SEC lawsuit, Ripple now has the opportunity to further develop its ecosystem and improve XRP's market position. Technical indicators also suggest a possible price increase in the near future.
Comments