After hitting an intraday high of $0.5985, Ripple (XRP) has continued its ascent and is now trading at about $0.5820. XRP's price has been steadily rising over the last week, from $0.52 to $0.59, indicating a positive trend.
The general upbeat mood in the cryptocurrency market and good news in Ripple's continuing SEC lawsuit both contributed to this spike.
The announcement that the commission-free trading platform Robinhood has re-listed XRP also contributed to its recent upswing.
Even though it is not yet accessible for trading, Robinhood customers may now examine the price chart of XRP on the official website.
The market's optimism in XRP was bolstered by this news, which increased demand and helped maintain its strong price momentum.
After briefly fading from view, Ripple (XRP) has just returned to the limelight, piercing the $0.5900 barrier and aiming for the $0.6602 high point in July 2024. The move by Robinhood to re-list XRP on its commission-free trading platform is fueling this revival.
Users may now examine the price chart for XRP, which is encouraging news for the XRP community, even if trading is not yet operational. Excited investors and enthusiasts alike are anticipating more trading activity and more access to markets as a result of this development.
A premier asset management business, Grayscale, has just debuted an XRP-centric single-asset investment fund. This may be a huge deal, increasing the value of XRP and attracting more institutional investors.
Customers outside of the EU are unable to access Robinhood's XRP listing at this time. The general prognosis is bright, nevertheless, because of this caveat.
Now that the rules are clear and Ripple's legal fights with the SEC are winding down, more exchanges will probably start offering XRP, making it more accessible and appealing.
The Market Reacts Positively to Ripple's Legal Victory and a Large XRP Transfer
The Upbit exchange in South Korea recently saw a large payment of 20 million XRP, or around $11.7 million, sent to an anonymous wallet. Speculation on the whale's intentions has been prompted by this massive transaction, which has being followed by Whale Alert.
Large transfers out of exchanges are often seen as positive indicators, as they show that the holder is likely aiming to hold onto their assets for the long haul, maybe hoping for a price increase.
The whale may be trying to convey their belief in XRP's future worth by transferring it to a private or cold wallet. This move might lead to a shortage of XRP on exchanges, which in turn could increase demand and price.
The ongoing legal dispute between XRP and the SEC has recently garnered a lot of attention. By resolving the dispute with a $125 million payment, Ripple achieved a significant win by decreasing the claims of the SEC by 94%.
The result has revived the market's attitude towards XRP. As a result of the robust trade activity in the area, XRP remains a popular option in South Korea.
Twenty million XRP sent to an anonymous wallet betrays an expectation of price rises in the future and a commitment to keeping the cryptocurrency for the long haul. Add this to Ripple's recent court win, and XRP's market sentiment gets a lift, which might lead to price and demand increases.
As It Reaches Key Support at $0.5734, XRP Reaches Resistance
At its current price of $0.5820, XRP has lost 0.38 percent of its value today. As shown in the 4-hour chart, the price is now undergoing a little retracement after hitting a high of $0.5961.
XRP may be able to withstand any declines thanks to support located at the 50-day Exponential Moving Average (EMA) at $0.5621.
With the Relative Strength Index (RSI) dropping from overbought territory to its current level of 60.16, it seems as if the bullish momentum may be slowing down.
At $0.5734, you'll find immediate support; a decline below there may see XRP revisit the $0.5621 mark.
Upside, the crucial resistance level is still around $0.5961, and if the uptrend continues, the next objective is $0.6135.
Be on the lookout for a price breach below the $0.5734 support level, trader.