Ripple’s price has been on a steady rise for the past two days, bringing excitement to the crypto community. This positive momentum suggests that the downtrend XRP has been experiencing since March 12 may be coming to an end. In just the last two days, XRP’s price has surged by an impressive 48%, currently trading at $0.58209.
Historical significance plays a crucial role in understanding Ripple’s journey. In December 2020, Ripple Labs faced a lawsuit from the SEC alleging that XRP was an unregistered security. However, on July 13 of the following year, Ripple achieved a significant victory when the court ruled that XRP did not fall under the category of a security. This ruling led to a 100% surge in the XRP token. Interestingly, on the anniversary of this ruling, XRP has once again seen a 48% increase.
Technical analysis further supports the positive sentiment surrounding XRP. Key indicators, such as the MACD line crossing the signal line, suggest a bullish trend for XRP in the near future. The support and resistance levels on the FIB chart indicate that XRP’s price has the potential to surpass $0.65, paving the way for further gains towards $1.
Looking at the bigger picture, data from Messari reveals that XRP has been a profitable asset over the past year, with a substantial increase from its lowest point during the downtrend. While XRP is still below its all-time high, there is optimism for its future growth.
Market intelligence platform Santiment has highlighted the accumulation zone of XRP whales, indicating strong support for the current price surge. This aligns with experts’ belief that if Ripple successfully resolves the SEC case, XRP could reach $10, with potential institutional acceptance and the possibility of a Ripple ETF.
Overall, the current indicators and data point towards a promising outlook for XRP, with the community eagerly anticipating Ripple’s legal victory and the potential for significant growth in the future.
