XRP breaks out of market consolidation, surging ahead in cryptocurrency prices
Today, March 14, XRP, a cryptocurrency supported by Ripple Labs, has stirred significant speculation among global crypto traders and investors. The token’s price has dipped below $0.71 after a notable surge in the past few days, sparking interest and activity in the market.
As of now, the XRP price stands at $0.6834, showing a decrease of 1.00% over the last 24 hours. This recent price movement has resulted in XRP’s market capitalization settling at $37.38B. Since the beginning of the year, XRP has experienced a change of 11.67%, indicating a dynamic and potentially lucrative trend for investors and traders alike.
XRP Price Analysis:
On the daily charts, XRP has shown a significant upward movement, approaching the $0.7100 supply zone, indicating a pattern of bullish accumulation. Following a crypto market surge, the coin has gained traction and is now contributing alongside other popular altcoins. The key support level for XRP is at $0.6700, while the resistance level is at $0.708.
The Relative Strength Index (RSI) is currently at 54.43 in the overbought zone, showing a positive divergence on the charts. Similarly, the MACD indicator has displayed a bullish crossover, further supporting the pattern of bullish accumulation.
XRP Price Could Surge to $1
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is expected to come to a conclusion in April, with two critical dates determining the lawsuit’s outcome. These dates, April 12 and April 29, mark deadlines for actions that will impact the lawsuit’s resolution and subsequent effects on the price of XRP.
On April 12, the deadline for submitting motions opposing proposed remedies will occur, followed by the final remedies deadline on April 29. The court will use these dates to determine penalties for Ripple’s institutional XRP sales. Many believe that the court’s decision during this period will significantly influence XRP’s price trajectory.
In the past, positive outcomes for XRP in legal matters have resulted in price surges. Last July, XRP experienced a significant price increase of over 100% shortly after a court ruling determined that Ripple’s token sales did not constitute investment contracts. This history has led to speculation that another favorable ruling could propel XRP’s price to $1 in April.
Recent bullish sentiment surrounding XRP is evident in its price behavior. The altcoin saw a nearly 30% spike in price last Monday, despite no major events occurring. However, further investigation revealed that this price rally was triggered by bullish speculative traders. A positive outcome in the lawsuit could further boost confidence among investors and motivate XRP bulls. Many in the XRP community believe that a favorable ruling could catalyze higher prices in the coming weeks.
XRP Whale Transactions:
Today, a significant movement of 177.5 million XRP has caught the attention of the crypto price community, indicating bearish sentiments for the Ripple-backed token. Whale Alert, a platform tracking large crypto transactions, reported three major movements that contributed to this trend.
The first transaction involved the accumulation of 140 million XRP, valued at $95 million, from Ripple by the address rP4X2hTa7A…7XZ63sKxv3. The remaining two transactions were substantial dumps by a prominent XRP whale to two cryptocurrency exchanges, Bitstamp and Bitso. The transfer to Bitstamp amounted to 21.1 million XRP, worth $14.42 million, while the transfer to Bitso was 16.4 million XRP, valued at $11.21 million.
These transactions have created mixed sentiments among XRP holders, with some accumulating while others are dumping their holdings. However, the overall market sentiment appears bearish, as XRP traded in the red today, indicating a potential downtrend. This sentiment is further supported by a significant drop in derivatives data related to XRP.
