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- XRP price gained nearly 30% over the past week; currently at $0.486.
- Trading volume swelled 156.20% in the past 24 hours.
- XRP rally is attributed to the lawsuit and bulk whale activity.
XRP price gained over 30% in the past week, as many predict favorable outcomes in the Ripple v/s SEC lawsuit by the end of March. XRP has gained over the past week as the ongoing legal predicament between Ripple Labs and the SEC is expected to settle down by the end of March. Meanwhile, a large amount of XRP tokens were moved across wallets. The number of transactions involving XRP worth over $1 million increased over the previous week.
The XRP rally is attributed to the growing optimism regarding the lawsuit. The high whale activity, according to Whale Alerts, was recorded by wallets holding XRP. In addition, the newly-appointed President of Ripple Labs, Monica Long expressed her confidence about having a positive resolution later this year.
The Pictorial
XRP price gained more than 7% in the intraday session, and about 30% over the past week. The trading volume saw a jump of 156.20% in a single trading session. The rise in OBV suggests the market favors bullish momentum. The EMA ribbon forms a bullish crossover and supports the XRP rally. The uptrend can face resistance near $0.5060, and if breached, can rise near its secondary resistance $0.5505.
XRP price rally establishes a bullish outlook in the market and indicates further uptrend. The CMF moves in the positive zone, indicating an upward movement in XRP price. The RSI reaches the ceiling range to show buyers gaining dominance, and can even reach the overbought zone. The MACD forms a positive cross and records tall buyer bars indicating active buyers.
The Peephole
XRP price movement forms a bullish descending triangle, in the 4-hour timeframe. The price action indicates that a breakout might appear soon marking new highs. The CMF moves sideways to show a consistent uptrend. The MACD positively diverges to record buyer participation in XRP. The RSI moves near the 70-range to mirror buyers taking over the market.
Conclusion
XRP gained over 7% intraday and about 30% in the past seven days. The rally is attributed to the growing optimism regarding the lawsuit, positive statements by a Ripple executive and voluminous whale activity among XRP holding wallets. The holders of XRP must watch out for a breakout.
Technical levels
Support levels: $0.3725 and $0.3320
Resistance levels: $0.5060 and $0.5505
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
