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Friday, March 1, 2024

XRP Bulls Eye on $0.50, Will the Trend Keep It in Top Gainers Spot?

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$XRP, Ripple, SEC, Ripple vs SEC

  • XRP price surged over 10% in a week.
  • Currently, the altcoin is in the strong buy zone.

After a long downtrend, Ripple’s native cryptocurrency XRP gained momentum in the market and was spotted in the top gainers’ list for more than three days in a row, as per CoinMarketCap data.

The XRP price is on a “bullish rampage,” as the altcoin traded for its sixth consecutive day in ‘green candles.” Today’s XRP price surged more than 4% and is trading at the spot price of 0.467, which has soared over 10% in the last 7 days. These price changes strengthened XRP’s position as an asset in the top 3 with the best performance.

In addition, the SEC vs Ripple case drew attention on Tuesday. Judge Torres rejected the SEC’s motion to seal the Hinman documents, which is in favor of Ripple. XRP resonated with the market and the XRP community.

XRP Price Analysis

The community is always interested in XRP’s growth. Recent XRP price movements have displayed how crypto investors are interested in this digital currency in order to lift the coin to new heights. To achieve this, XRP needs to reach a short-term breach of the critical resistance level at the $0.5 price range.

Following a day of range-bound trading, XRP soared to a morning high of $0.4673. In order to test the second major Resistance Level at $0.4728 before retreating to end the day at $0.45978, XRP broke through the first major Resistance Level at $0.4605.

At the time of writing, a mixed start to the day saw XRP climb about 4% to $0.4655. Further, yesterday XRP revisited the $0.47 handle for the first time in 19 days.

Ripple (XRP) Price Chart (Source: Tradingview)

The XRP price is above the moving average, which indicates a “bullish rally” for the crypto. The altcoin is in a “strong buy” zone, as per Tradingview data. Also, XRP is up 5% more than the top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH)

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