The price of XRP reached $2.59 when the SEC dropped the lawsuit against Ripple, with a market capitalization of $149.35 billion and a 24-hour trading volume of $7.62 billion.
The price of XRP has made a significant jump following the important news that the U.S. Securities and Exchange Commission (SEC) has officially withdrawn the lawsuit against Ripple. At the time of writing, this currency is being traded at $2.516 on the Bitstamp exchange, after reaching a high of $2.592 during the day, an increase of 14.4% from the previous dip of $2.23.
Technical Analysis and XRP Trend Forecast
Technical analysis on the multi-timeframe chart shows that XRP is in a strong uptrend. On the 1-hour chart, there is a rapid increase in momentum as trading volume has surged, reflecting increased buying demand. The important support zone is currently identified between $2.30-$2.40, serving as a solid foundation for the next upward move.
On the 4-hour timeframe, XRP has confirmed a breakout above the psychological resistance level of $2.50 and is consolidating around $2.59. The significant increase in trading volume is a positive signal, indicating interest from the investment community. Maintaining a price above $2.60 in the coming period will be a decisive factor for the potential to reach the $2.75-$2.80 zone.
On the daily chart, XRP is continuing its recovery trend from the recent dip to $1.78, aiming towards the historical resistance zone of $3.21. The strong support foundation at $2.10-$2.30 is providing a solid base, serving as a springboard for the next price increases. If XRP successfully breaks through the $3.20 level, the currency has the potential to test the $3.50 zone in the near future.
The technical indicators are currently sending mixed signals but leaning towards the positive side. The RSI at 55.6 indicates a neutral state, while the Exponential Moving Average (EMA) and Simple Moving Average (SMA) on the key timeframes are all showing upward signals. The 10-period EMA and 10-period SMA are at $2.35 and $2.29, respectively, confirming the short-term uptrend, while the 200-period EMA at $1.89 and 200-period SMA at $1.69 reflect the strength of the long-term trend.
Despite the ongoing uptrend, investors should be mindful of the strong resistance levels at $2.60 and $3.20. If trading volume declines and the price fails to hold the $2.30 support level, XRP may undergo a correction towards the $2.10 zone before continuing its long-term upward trend.
With a market capitalization of $149.35 billion and a 24-hour trading volume of $7.62 billion, XRP is showing significant strength following the positive news from the U.S. Securities and Exchange Commission.
