After a judge cut the ultimate punishment in the Ripple SEC case, the price of XRP and Stellar (XLM) soared, and now the dust is slowly settling.
Aside from discussing the most talked-about coin launch of August 2024, this article delves into the most recent price movements for XRP and XLM and reveals an unexpected choice.
Despite the $125M punishment that was approved for institutional sales, market confidence has been boosted by Ripple's surprising victory against retail trading and XRP's position as a security, fueling positive swings throughout the chart.
Analysis of the XRP Price: How Is Ripple Looking Right Now? A Final Victory in the SEC War
With XRP's recent positive price action, Ripple is presently trading at $0.61, a move of +2.65% over the last 24 hours.
This follows a stunning +28% rise that swept the chart on the previous day when the price of XRP surged in response to the shocking news.
As the dust settles after the SEC dispute, what lies ahead for the price of Ripple (XRP) and Stellar as the lawsuit comes to a close? Would You Prefer Pepe Unchained?
The pump restored Ripple's broken pricing structure, sending prices soaring over crucial support levels at $0.51 and $0.57, even if the fabled $1 XRP is still a long way off.
On a higher level? The bull argument for XRP is being bolstered by Ripple's recent pushback above solid support from a rising 20DMA (now at $0.549), which was helped along by the finalization of the SEC case.
The relative strength index (RSI) has reached a new overheating level of 69.8, suggesting that price is likely to consolidate above $0.60. Under the resistance level of $0.65, pessimistic sentiment is being fueled by slowing momentum.
Stellar (XLM) Is Pumping Up Following XRP's Bullish Turn
Stellar Lumens (XLM) has also shown market strength, joining the remarkable resurgence of XRP in price. Stellar is now trading at $0.101, a 24-hour move of -0.2%.
As a result of Tuesday's crypto market resurrection, XLM jumped 32 percent, bouncing off lower-trendline floor support at $0.075 and reclaiming upper support above the 20-day moving average.
As XLM aims to break over $0.117, Stellar's technical structure is fortified by the reclaiming of the 20-day moving average (DMA), which provides a layer of support at $0.09.
The RSI momentum indicator has been quite active due to the abrupt change; at 54.6, this important oscillator is currently signaling a little bearish divergence, suggesting that consolidation may be necessary.