Ripple’s native cryptocurrency, XRP, has experienced a surge of 12 percent in the past week, breaking key resistance levels at $0.55. This growth comes as the overall crypto market rallies, driven by the potential approval of a spot-based Bitcoin Exchange-Traded Fund (ETF) and the upcoming halving event next year. With Bitcoin and Ethereum also seeing significant price increases, XRP is poised to reach a new year-to-date high. In the last 24 hours, XRP has gained 4 percent, while it has seen a 12 percent surge over the past seven days, reaching $0.552866.
Analyzing the one-day chart for XRP, market analysts have noticed a bullish market structure that has persisted for the past ten days. A bearish order block was established in the $0.513-$0.55 range since late August, creating a range for market participants between $0.47 and $0.55. The mid-range at $0.51 has acted as both support and resistance during this period. The Relative Strength Index (RSI) indicates a bullish signal with a reading of over 50, while other metrics like the Average Directional Index (ADX) show an uptrend signal with a reading exceeding 20.
Despite this positive momentum, the On-Balance Volume (OBV) has not yet surpassed its local resistance, suggesting that buying volume has been unimpressive in recent weeks. However, the mean coin age has shown improved performance since September, indicating aggressive accumulation by XRP holders and fewer transactions between addresses. Additionally, the Market Value to Realized Value (MVRV) remains negative but any move into positive territory could trigger profit-taking activity from holders. A downtrend in spot Cumulative Volume Delta (CVD) from October 20th to October 22nd caused concern among bulls, but the recent hours have seen a bounce back along with an increase in Open Interest.
Despite its current surge, XRP is still 84 percent down from its all-time high price of $3.4. However, some analysts predict that it could reach as high as $0.995159 before the year ends.
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Ripple’s recent upward trajectory follows the news that the US Securities and Exchange Commission (SEC) dropped all lawsuits against Ripple executives. In a filing with the U.S. District Court for the Southern District of New York, the attorneys of the Ripple executives stated that the claims alleged by the SEC against Bradley Garlinghouse and Christian A. Larsen were dismissed in their entirety, with prejudice and without costs or fees to either party. This development has had a ripple effect on the entire market, with Bitcoin approaching $35k after a 12 percent increase in the last 24 hours and a 21 percent surge in the past seven days. Ethereum has also seen a 9 percent increase in the last 24 hours and a 15 percent growth over the past seven days.
While XRP continues to make positive strides, it is important to note that this article is provided for informational purposes only. Crypto News Flash does not endorse or take responsibility for the accuracy, quality, advertising, products, or any other materials mentioned in this article. It is always recommended for readers to conduct their own research before making any investment decisions related to cryptocurrencies.
