As the recovery wave that started with Bitcoin (BTC) surpassing $60,000 continues, the price of Ripple Labs-supported XRP has begun to signal a macro-scale bull trend. The large-cap altcoin, with a market value of approximately $60 billion, has risen over 7% in the last 24 hours, crossing the $0.60 threshold.
Rally Signal in XRP's Price
XRP's price has been consolidating around the peak of a six-year symmetrical triangle formation for the past few months. From a technical perspective, the altcoin's price appears ready for a historic rise towards an all-time high.
Last week, XRP closed above the 50 Moving Average (MA) and is now trying to reclaim the 200 MA as a support level. Closing candles above $0.65 could push the price towards the next liquidity zone between $0.95 and $1. In the short term, if a bearish trend occurs, XRP's price could head towards the strong support level around $0.45.
Developments Fueling the Bull Market in XRP
Ripple is focused on developing the Web3 infrastructure of the XRPL network to compete with other high-end smart contract-based Blockchain networks. For instance, Ripple announced earlier today that the XRPL Testnet was successfully reset as planned. The reset process enhances efficiency by deleting all testnet DEX content, accounts, balances, and settings, reducing the cost of running a testnet node.
Moreover, with the clarified legal framework in the US, the Ripple team is now taking more decisive steps towards building the XRPL Web3 ecosystem. The recent favorable outcome of the lawsuit filed by the US Securities and Exchange Commission (SEC) has been a significant milestone for the XRP market and its development.
This positive outlook for Ripple and XRP emerged during a period of renewed revival in the cryptocurrency market. Ripple's focus on technological advancements and legal battles indicates that the altcoin has sustainable long-term growth potential. A rally towards the $0.95 to $1 range could mark the beginning of a new era for XRP's price. Ripple Labs' innovative steps and legal victory could make XRP a notable asset in the coming months.
