The price of Ripple has continued to rise over the past two days, bringing joy to the cryptocurrency community. Now it seems that XRP's downward trend that started on March 12 may be coming to an end. The price of XRP has increased by 48% over the past two days. As of the time of writing, Ripple is trading at $0.58209.
Ripple’s Historical Importance
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, claiming that XRP is an unregistered security. On July 13 last year, the court ruled that XRP is not a security, and Ripple won a major victory. Historical data shows that after this ruling, the XRP token rose by 100%. Moreover, on the anniversary of this ruling, the token received another boost of 48%.
Source: TradingView
Technical analysis supports positive sentiment
Technical indicators also show bullish sentiment for XRP. The MACD indicator shows that the MACD line intersects the signal line at 0.01284, while the signal line is at -0.00281. If this prediction comes true, it indicates that XRP will soon enter a bullish trend.
Source: TradingView
According to the chart, all moving averages acted as support, keeping the price stable. On the FIB chart, the price of XRP has broken through multiple resistance levels.
Let’s understand the zone here! The support resistance channel shows that the latest support for XRP is in the $0.54900-$0.55800 area, with the main resistance at $0.65. If XRP breaks through this resistance, it could continue to climb to $1.
Source: TradingView
An important point here is that the weekly chart shows that if XRP breaks above $0.65 in the coming days, it will resume its uptrend and find support from the weekly trendline.
Messari data shows that XRP has been a profitable asset over the past year. From its lowest point in the downtrend of $0.122 (March 13, 2020), it has risen by 377.56%. However, it is still 82.28% below its all-time high of $3.29 (January 4, 2018).
Source: Messari
Market intelligence platform Santiment shared a tweet showing the cluster of XRP whales, noting that whales are supporting this price surge.
Conclusion
Currently, all indicators of charts and on-chain data support a surge in XRP’s price, but the crypto community is waiting for Ripple’s victory in the SEC case. Experts believe that once Ripple overcomes this lawsuit, nothing can stop it from reaching $10. In addition, many institutions may start accepting Ripple, and after the Solana ETF, we may also see a Ripple ETF.
