Following yesterday’s strong buying from a support zone, the price of Ripple’s XRP coin has risen steadily over the previous 24 hours. Moreover, while $0.50 seems unlikely right now, if this week’s highs are broken, the crucial price level might become viable.
At 11:36 UTC on Thursday, XRP was trading at $0.44, up 2.8% over the previous 24 hours and 2.7% over the previous 7 days. Of the top 100 cryptocurrencies by market cap, this cryptocurrency has been one of the best performers over the previous 30 days, increasing in value by 33.2%.
Investors Pump Faith in XRP
The token peaked last Friday at $0.56 before beginning a near week-long decline, which led to today’s gains. The selling pressure has increased over the past few days, but on Wednesday, buyers stepped in and bid the price up from the $0.42 support area.
With yesterday’s rebound off the support zone, investors are wondering if XRP will continue its upward trajectory or revert to the decline of the prior several days. From a strictly technical perspective on the coin, the short-term trend is currently up. The hourly chart makes this very evident, showing a progression of higher lows since the market bottomed yesterday AM UTC time.
However, a look at the bigger picture on a daily time frame, you can see that a drop into the area of former resistance turned support at $0.385 is possible. Daily relative strength index (RSI) readings have dropped from overbought levels and are presently in the neutral zone’s top half.
If prices continue to rise, they will initially encounter resistance at Wednesday’s high of about $0.45. If that barrier is breached, additional gains to the highs of this week near $0.50 would be possible within a short period of time as well.
Lingering Legal Repercussions
On Wednesday, Cryptonews.com reported that XRP had dropped 11% in value in 24 hours as the legal battle between Ripple and the SEC continued. The most recent development in the matter is that both Ripple and the SEC have asked the court to issue a summary judgment and put an end to the litigation.
Although such a decision won’t be made right away, given that both sides have requested it, it’s no longer out of the question. Beginning in December of 2020, when the SEC filed a lawsuit against Ripple over its sale of XRP coins to investors, the company has been engaged in a legal war with the US financial regulator.
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