XRP, the seventh-largest cryptocurrency by market capitalization, has rebounded to the $0.60 price level after dipping to $0.58 in the past 24 hours. If it can hold above this level, analysts are saying that investors will be able to see a bullish run to the higher price levels soon.
CoinMarketCap data shows XRP trading at $0.6081, reflecting an approximate 1% increase over the past 24 hours. Despite this increase, XRP’s trading volume has declined by 6.45%, reaching $2 billion with a market capitalization of $34 billion. Nonetheless, XRP has recorded a 9.15% gain, and in the past 30 days, it has surged by 28.49%
Also Read: Ripple CEO Warns U.S. Risks Lagging in Global Crypto Race Amid Regulatory Uncertainty
Bullish Sentiments and Moving Average
The daily chart from TradingView shows a massive increase in XRP’s price, as seen by six straight bullish daily candles followed by three consecutive green candles. The bulls continue to control the XRP price activity. The Relative Strength Index (RSI) is 64.17, indicating intense buying pressure and the possibility of short-term price increases. Although XRP was overbought a few days ago, the RSI levels are gradually declining, slightly reducing the buying pressure. Nevertheless, extending the RSI gradient, it can be assumed that XRP will continue to trade at and above the $0.60 price level.
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Expectations of Ripple concluding the case with the U. S. Securities and Exchange Commission (SEC) have positively affected the XRP/USD price. However, there is still no clarity from Brad Garlinghouse, Ripple’s CEO, regarding the chances of settlement, and a closed-door meeting is reportedly to happen by the SEC to discuss important regulatory issues.
Potential Developments Boosting XRP’s Outlook
The planned debut of Ripple’s stablecoin, RLUSD, is predicted to increase the price of XRP. RLUSD, a US dollar-backed stablecoin, will be released on both the XRPLedger and Ethereum blockchains to disrupt the stablecoin industry, which is presently dominated by Tether’s USDT and Circle’s USDC. Discussions of a prospective XRP exchange-traded fund (ETF) add to the digital asset’s bright outlook.
Conclusion
In conclusion, XRP’s recent rebound to $0.60, along with ongoing bullish momentum and positive market speculation, points towards a potential upward trend for the cryptocurrency. Investors and traders will be keenly watching impending developments, notably the Ripple-SEC conversations and the introduction of RLUSD, which might substantially influence XRP’s future price movement.
Also Read: Ripple Cites Recent Binance Ruling in Ongoing SEC Battle
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.