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- 1 The price of XRP is trading at around $0.77. The crypto’s price jumped by 0.77% in the last 24 hours (press time).
- 2 XRP price observed an increase of 5.94% in the last 7 days.
- 3 The market capitalization of XRP is $40 Billion (press time).
The Ripple vs. SEC lawsuit had a positive outcome for XRP holders on July 13, 2023. Judge Analisa Torres decided that XRP was not a security and that Ripple did not break securities laws by selling XRP to the public. This was a huge win for XRP holders, as it removed the legal doubt and danger that had been looming over the future of cryptocurrencies for months
XRP/USD crypto recently broke the 50-day moving average with a big green candle, moving in an upward direction. The outlook is promising at the moment. Moreover, the price dropped by -2.27% last week, showing that XRP performed strongly recently. XRP price recorded a 77.11% fall in its value in 2 years after reaching its all-time low of $0.00268621.
The current market sentiment is optimistic. There is potential for more volume in the crypto right now. The price has been facing a little consolidation and is heading to make new highs.
XRP Price Technical Analysis
XRP’s price is displaying strong bullish momentum as its price has risen above the 50-day and 200-day moving averages. The price could be in a new uptrend and move higher if the buyers maintain their support for the share. Moreover, the bullish signal on the daily chart confirms the positive outlook.
XRP crypto is displaying bullish signals based on the MACD, RSI, and super trend. The MACD line has crossed above the signal line, indicating bullish momentum. The RSI is above 50, indicating a positive trend. The super trend line is under the price, supporting the trend. These indicators suggest that XRP crypto is in a bullish trend and may continue to rise if buyers sustain the price.
Volume Analysis
XRP trading volume for the last 24 hours is $ 204,940,1420, with a -45.60% drop. Moreover, the volume has been declining for a long time.
Conclusion
XRP/USD crypto is showing signs of recovery and growth after a favorable development in the Ripple vs. SEC lawsuit that cleared the legal uncertainty and risk for the cryptocurrency. The price has broken above the 50 and 200 moving averages and is moving in an upward direction, indicating bullish strength. The price has also outperformed the market in the past week, despite being far below its all-time high. The market sentiment is optimistic, and there is potential for more volume in crypto right now. The price may face some consolidation before reaching new highs.
Technical Levels:
- Support – The current support level is $0.75585.
- Resistance –The current resistance level is $0.976.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
