$XRP As the case approaches a final conclusion, the XRP price continues to rise. #XRP It increased by 12% in 24 hours, on top of a 40% increase in seven days.
XRP has made a remarkable rise in the last few days, from $0.4 to $0.63 during US trading hours on Tuesday.
The single biggest force behind the XRP rally is #Ripple with #SEC It can be attributed to the latest developments in the case between A series of closed-door meetings between Ripple and the regulator triggered rumors of a settlement.
Despite former SEC attorney Marc Fagel denying settlement speculation, investors began buying XRP tokens, hinting at a possible rise above the $1 barrier.
XRP performance vs Bitcoin #ETH Ethereum, Solana, #BNB It has lagged other altcoins such as , but this outlook is about to change due to newly improving market sentiment.
The jump above $0.6 marks XRP's biggest move since April. This also marks another attempt by the cross-border payment token to achieve unprecedented results.
The XRP derivatives market, which includes futures contracts, marks a staggering 27% increase in open interest, with a long-short ratio of 0.9554. Supporting this bullish trend is an 82% increase in XRP futures volume.
Those considering purchasing XRP for a long-term investment strategy should be aware of the falling wedge pattern breakout on the daily chart. A cooldown may be needed for the rally to continue to $1.
As for the breakout of the wedge pattern, XRP price looks poised to tag $0.65, a 38% target since breaking above the upper trend line. This is measured from the height of the target wedge.
The Moving Average Convergence Divergence (MACD) is exhibiting a buy signal, further strengthening XRP's chances of starting a new trend above $0.7 and targeting tops above $1.