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- 1 XRP has gone from bearish to bullish and has sustained beyond 50 and 200-Day SMAs.
- 2 XRP, briefly, became the most traded altcoin of the year with record-breaking trading volume.
- 3 The price of XRP is trading at around $0.70609. The crypto’s price jumped by 45.82% in the last 1 month.
XRP is changing the game in 2023 by making a record $150 Billion trading Volume and becoming the most traded altcoin in 2023.
XRP experienced a gigantic rally in the past week. This was a landmark development in Ripple Lab’s favor in its case against the Securities and Exchange Commission (SEC). Judge Analisa Torres ruled that It was not a security and that Ripple did not break securities laws by offering it to the public.
This was a major win for Ripple Labs, as it cleared the legal uncertainty and risk that the cryptocurrency sector faced. XRP price spiked immediately after the ruling.
So far into 2023, this has not been the only good news for XRP investors – Ripple is planning to acquire Bitstamp exchange. These developments bode well for XRP. It’s going to be a must-watch crypto shortly.
XRP/USD crypto is facing a minor correction. The overall outlook is positive for now. In addition, the price fell by 10.54% last week, indicating a slight pullback. Its price lost 79.05% of its value in 5 years after hitting its all-time high of $3.40.
XRP Price Technical Analysis
XRP’s price shows strong bullish momentum as it climbed above the 50 and 200-day moving averages. The price may enter a new uptrend and move higher if the buyers maintain support for the coin. Meanwhile, a bullish signal on the daily chart confirms the optimistic outlook.
XRP crypto displays a minor correction based on the MACD, RSI, and super trend. The MACD line has crossed below the signal line, indicating bullish momentum. The RSI is around 50, indicating a positive trend. The super trend line is under the price, supporting the trend. These indicators suggest that XRP crypto is bullish and may continue rising if the price continues.
Conclusion
XRP/USD crypto has been riding high ever since Ripple Labs won a significant battle in the case against the SEC. The stock grew in bullish sentiments after Ripple acquired Bitstamp Exchange. It is the 4th most traded altcoin at press time. It broke above the 50 and 200 moving averages indicating strong bullishness. 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 $0.66888.
- Resistance –The current resistance level is $0.95027.
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
