Over the last 24 hours, the XRP price demonstrated an impressive increase, surging by 15% to reach $0.81. This occurred amid a rise in trading volumes and an important statement from the chair of the U.S. Securities and Exchange Commission (SEC).
XRP Market: Current Situation
According to GeckoTerminal, XRP's trading volume increased by 78% to $11 billion. This spike in activity can be attributed to both technical factors and SEC chair Gary Gensler's hint at a potential resignation during his speech at the Annual Institute on Securities Regulation. In his remarks, he stressed that Bitcoin is not a security, highlighting its regulatory independence.
XRPUSD Chart Analysis
From a technical perspective, the XRPUSD chart shows a strong bullish trend. The XRP price has exceeded key resistance levels, moving above both the 50-day and 200-day Simple Moving Averages (SMA), confirming the sustainability of the bullish rally. However, the Relative Strength Index (RSI) is currently at 87, indicating a potentially overbought condition. This suggests that a price pullback could occur soon.
Future Prospects and Predictions
If the current trend continues, XRP may target the $1.0 level in the short term. However, there is a risk of a drop to $0.55 if bearish investors see these signals for selling. The focus remains on the MACD indicator, which stays above the signal line and zero line, demonstrating a continued positive momentum.
The current dynamic of the XRP price demonstrates significant interest from investors. Considering the technical indicators, support from regulators may play a critical role in future market developments.
