The #cryptocurrency market as a whole is up just over 3% today, and the price of #XRP has risen by 1% in the past 24 hours, to a new high of $0.523743.
Since the beginning of 2023, when Ripple won a favourable ruling in its case against the SEC in mid-July, XRP has increased by 6% in a week and nearly 6% in the last 30 days.
Furthermore, XRP may be in for further gains in the coming days and weeks, aided further by Ripple's ongoing expansion as a company, as the broader market appears to be beginning what may be a medium- or long-term recovery.
Prediction of XRP Price as XRP Surges Towards $1 Level - Is Now a Good Time to Buy?
For quite some time, $XRP seemed to be threatening to recover from recent losses, and now it appears to have begun what may be a sustained rebound.
A slight uptick in the 30-day moving average (yellow) relative to the longer-term 200-day average (blue) suggests that a breakout may occur in the next day or two, as the 30-day average approaches the 200-day average.
Similarly, XRP's relative strength index (purple) has increased in momentum today, reaching close to 60 after spending several weeks near 30, an extremely oversold position.
And the RSI still has room to go up before XRP is considered overbought, which is good news.
To avoid a damaging government shutdown, the United States Congress agreed to a last-minute spending bill, which may explain why the market as a whole is rallying today, including XRP.
Whatever the case may be, it appears that buyers have resumed their accumulation of XRP, though newcomers should be aware that some whales may use the current recovery to dump some of their bags.
That is to say, XRP could fall to as low as $0.40 in the next few days before beginning a longer-term recovery that could bring it back to $0.60 in the coming weeks.
Since the coin still benefits from Judge Analisa Torres's mid-July ruling that it is not in itself a security, the coin's fundamentals remain good enough for it to post a sustained recovery.
The decision allowed exchanges in the United States to relist the tokens and cleared the way for Ripple to resume growing its cross-border transfer business.
Fortress Trust, a provider of Web3 infrastructure, was acquired by the company in early September, one of several recent significant acquisitions.
This bodes well for #Ripple 's continued growth in the months and years ahead, and with it, XRP's price could easily recover to near its all-time highs.
This includes $1, with a full-blown bull market in 2024 likely to push the altcoin up to $2 or $3.
