XRP rebounds hit 22-day high after 16-month low.
Ripple lawsuit speculation impacts future price movements.
While the past weeks have been a bearish ride for altcoins, with many hitting yearly lows, XRP also faced a significant drop, reaching a 16-month low of $0.3823 a week ago. However, XRP has shown steady growth, breaking free from the bearish trend and reaching a 22-day high of $0.5021, making it the top gainer over the past 48 hours.
Currently, XRP is trading at $0.5006, up 11% in the past 24 hours, with trading volume increasing by 58% over the same period.
Moreover, whale movements have also garnered attention, as 68 million XRP were moved to two centralized exchanges two days back, despite which the token noted gains.
This activity, emerging amid the impending Ripple lawsuit’s conclusion, has spurred speculation about future price movements, helping the bulls to overcome existing pressure.
While some analysts foresee an imminent bull rally, others find it difficult to predict due to the uncertainty surrounding the Ripple vs SEC lawsuit. The market participants closely monitor on-chain movements, as prices could shift significantly.
XRP To Hit New Highs?
A closer look at XRP’s recent price movements reveals an underlying bullish trend on the daily chart. The 9-day exponential moving average (EMA) is recorded below the trading price at $0.4629, further emphasizing the bullish sentiment. The daily Relative Strength Index (RSI) has hovered around oversold levels recently.
XRP Price Chart, Source: TradingView
If the price breaks through the $0.5423 resistance level, XRP could test the $0.57 resistance. Conversely, a drop below the $0.4382 support level might see testing the critical $0.403 level.
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