Why is XRP Price Up Today?

XRP price surged 48% between August 6 and 7 following Ripple’s favorable ruling in its lawsuit against the U.S. SEC. Although initial market expectations anticipated XRP might surpass $1, current conditions have kept it below this level.

Ripple’s Chief Legal Officer, Stewart Alderoty, further fueled optimism by stating on Thursday that the SEC has only a 10% chance of winning an appeal if it decides to pursue one. This remark likely intensified bullish sentiment among XRP investors. Currently, XRP has increased by 0.2% in the last 24 hours, trading around $0.566.

XRP Price is Breaking Out

As of 8:21 a.m. UTC, the price of XRP seems to be breaking out of a falling wedge, a move that might be accompanied by a 9% surge to the previous monthly high of $0.625.

Since August 7, the Ripple price has been consolidating within a falling wedge pattern. Falling wedges often suggest a potential bullish reversal, especially if they appear after a significant downtrend. 

Nevertheless, as indicated by the 50-period EMA, the overall trend remains slightly bearish. The XRP price may find some resistance at $0.5835 and $0.6228, which are aligned with previous highs and the top of the descending wedge.

The relative strength index (RSI 14) is currently around neutral at the mid-level, indicating the market is neither overbought nor oversold, giving no strong bias for immediate upward or downward movement. 

Futures Traders Buying XRP Aggressively

XRP Futures traders may be driving up the recent XRP price action. The Ripple-SEC lawsuit outcome is still fresh on the markets and may drive the bullish sentiment observed in the price chart.