XRP coin price surprised the crypto community with an unexpected increase of 20%. This week is expected to be a critical period for the future of XRP.
This past weekend, the XRP price increased by 20% to exceed $0.56. During this rally, XRP managed to cross the 50 EMA, 100 EMA, and 200 EMA levels. Exceeding these important levels indicates strong buying pressure and renewed investor confidence. Transaction transfers increased to 1.47 million and the total number of transactions increased to 2.55 million. These indicators reflect increased activity and usage rate on the XRP network, which contributed to the price increase.
Since the beginning of the week, the XRP price has increased by over 26% and reached $0.56, the highest level since April 12.
A year ago, Judge Torres issued a landmark decision stating that XRP is not a security. This decision was a turning point for both Ripple and crypto regulation. Ripple has been in a legal battle with the SEC for nearly four years; The SEC accused Ripple of engaging in an unregistered securities offering through the sale of XRP. The outcome of this high-profile case could significantly impact the cryptocurrency industry. Although the exact date of the decision is unknown, some commentators have speculated that it could be announced in late July.
Currently, XRP price is trading at $0.53. It may correct slightly to reach $0.7 by the end of the month or continue its rise to test the $0.6 level this week. If the price rises above $0.6, the bull run is likely to continue. The RSI index is currently at 63; This shows that there is enough room for growth this week. The altcoin is facing significant resistance at $0.57. Whether XRP continues its rise and gains another 10% or loses a few points, it can be said that the recent price recovery is not speculative, considering the extreme fluctuations in the past.
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