🔥🔥🔥 $XRP Price Predictions: Evaluating Ripple’s Market Position After SEC Settlement
XRP Signals Bullish Momentum as Bitcoin ($BTC ) Rallies Above $60k
As the crypto market rebounds, led by Bitcoin (BTC) surpassing $60k once again, Ripple-backed XRP has shown strong signs of a macro bullish trend. The large-cap altcoin, with a fully diluted valuation of approximately $60 billion and an average daily trading volume of nearly $2 billion, surged 7.4% in the past 24 hours, reaching around $0.618 during Tuesday’s early European session.
XRP Price Poised for Major Breakout
- XRP has been consolidating near the peak of a six-year symmetrical triangle pattern over the past few months, indicating that it may be on the verge of a significant breakout. Technically, XRP appears ready to surge toward its all-time high.
- The recent price action saw XRP close above the 50-day Moving Average (MA) last week, and it is now aiming to establish the 200-day MA as a crucial support level. If XRP consistently closes above $0.65, it could target the next liquidity zone between $0.95 and $1. In a bearish scenario, strong support is expected around $0.45.
Why the Bullish Outlook?
- Ripple has remained committed to expanding the XRPL network’s Web3 capabilities, positioning it to compete with other leading smart contract platforms. For instance, Ripple announced today that the XRPL #Testnet has been successfully reset, with all Testnet DEX content, accounts, balances, and settings wiped clean. This reset enhances efficiency and lowers the cost of running a Testnet node.
- Additionally, Ripple’s efforts to build out the XRPL Web3 ecosystem are now backed by a clearer legal framework in the United States. The recent resolution of the lawsuit filed by the U.S. SEC has been a significant catalyst for the XRP market and its ongoing development.
Source - coinpedia.org
