XRP Price Surges on Optimistic News
The XRP coin has shown a remarkable uptrend in the past week, with its price surpassing the $0.60 mark. This surge, amounting to a 15% increase in the last 24 hours and a 40% gain over the week, is fueled by rumors of an imminent settlement of the SEC’s case with Ripple.
Adding to the positive sentiment is the increasing number of whale XRP holders, holding over 100,000 tokens, as reported by Santiment. The platform highlighted a significant shift in supply accumulation that began last August, supporting the current bullish momentum.
Market Excitement and Price Gains
The broader cryptocurrency market’s anticipation of an Ethereum ETF launch, combined with overall positive market sentiment, has also contributed to XRP’s price surge. As a result, XRP’s market capitalization has reached $34.587 billion, securing its position as the sixth-largest cryptocurrency by market cap.
Technical Analysis and Predictions
Despite the recent gains, XRP faces a key resistance level at $0.66, historically a challenging barrier to break. If history repeats itself, a pullback to $0.51 for support may occur before another attempt at breaking out. However, a successful breach of this resistance could propel XRP to target $0.74, and potentially reach even higher levels of $0.94 and $1.21 in the near future.
From a technical standpoint, the RSI indicator is on the rise, nearing overbought territory at 59.39. This signals a strong upward momentum, with experts suggesting that continued RSI growth could push XRP past the $0.66 resistance level and towards new peaks in the coming weeks.
Also Read: Analyst Reports Shocking Spot Ethereum ETF Fees on 21Shares
