While studying price swings, it is critical to take care and observe past trends. After substantial rising movements, crypto assets, like #XRP , often go through a consolidation or corrective period.
As a result, the price is anticipated to undergo a short-term corrective phase, characterized by increased volatility and retreat periods, before the next significant upward advance happens.
With the bullish momentum generated by the favorable decision of the SEC litigation, XRP has a good chance of exceeding the much anticipated $1 price level.
The positive court verdict, as well as the following increase in price and market capitalization, have greatly increased investor and trader confidence. If this trend continues, $XRP might see greater rises in the #next days or weeks.
XRP has had a tremendous price boost, rising to more over $0.80 and seeing a 77% spike in trading activity during the last seven days. This rise was primarily driven by Ripple's partial win over the Securities and Exchange Commission of the United States.
A judge stated in the court order that Ripple's institutional sales may be constituted securities. It is crucial to note, however, that not all such transactions were classed similarly. This decision is largely seen as a major success for Ripple Labs and its digital coin.
Now, XRP is approaching a critical resistance level of $0.85, indicating a strong buying push in the market. This upbeat trend speaks well for Ripple's medium-term prospects, indicating that the digital asset is in good hands.
According to #CoinMarketCap data, XRP is now trading at $0.8368, representing a 5% rise over the previous 24 hours. During the last seven days, the cryptocurrency has increased by more than 77%.
Despite the spectacular rise, XRP is confronted with a tough resistance zone around $0.85. This zone is marked by heavy selling pressure and rising supply, making it difficult for the digital currency to break through.
Yet, market mood among traders remains strong, increasing the likelihood of XRP breaking past the barrier zone.
