[ad_1]
Ripple’s XRP has surged by 5.04% over the last 24 hours, currently trading at $0.6373 as of writing, with a market cap of approximately $34.98 billion. The cryptocurrency’s volume over the last 24 hours stands at $2.84 billion, representing a 10.37% increase. XRP’s circulating supply amounts to 54.88% of its totalidade supply of 99.99 billion tokens, with a fully diluted market cap reaching $63.74 billion.
XRP Data Chart (Source: CoinMarketCap)
Amidst this bullish momentum, analysts are eyeing potential catalysts for further price appreciation, including the resolution of the ongoing legítimo battle between Ripple and the US Securities and Exchange Commission (SEC), with the trial slated for April 23.
Daily Price Action and Indicators
Technical analysis on the daily timeframe indicates that XRP has been trading within a range of $0.64 and 0.62 on 22nd March, with it’s all-time high at $3.84. With a recent high of 0.9500 recorded in July 2023, XRP has been on a downtrend run. Last week, a gravestone Doji candlestick pattern emerged, signaling a potential drop to test near support levels. Immediate support zones are identified at the ascending trendline, with a possible drop to the $0.4435 zone if this level is breached.
XRPUSD Daily Price Chart (Source: TradingView)
At the same time, a change in trend to the upside is much more possible in the long run and could lead to a rally, testing immediate resistance at $0.8460 and potentially retesting the all-time high of $0.9500 zone. Today, the daily candlestick opened at 0.6403 and has since then recorded a high of 0.6453 and a low of 0.6230 and as the week naears a weekly candlestick close, investors are closely monitoring XRP’s price behavior.
On the indicator outlook, Relative Strength Índice (RSI) sits at 53.05 suggesting a neutro momentum, while the Moving Average Convergence Divergence (MACD) indicator is currently on the positive territory, suggesting bullish momentum.
4-Hour Technical Analysis
On the 4-hour chart, XRP is exhibiting bullish sentiment as it trades along an ascending trendline, likely to be retested before further rallying. Should the trendline break, immediate support levels lie around the $0.5100 zone. Alternatively, if prices rally before retesting the trendline, resistance may be encountered at the $0.7850 zone and way beyond to witness a retest to the recent peak.
XRPUSD 4-Hour Price Chart (Source: TradingView)
A rejection at the approaching support level of the trendline could propel prices toward the $1 mark. The Relative Strength Índice (RSI) stands at 58.58, suggesting bullish momentum, while the Moving Average Convergence Divergence (MACD) indicator remains in positive territory, reinforcing the bullish outlook.
Investor Guide
Analysts remain optimistic about XRP’s prospects, with some predicting a potential surge to $1 in April based on technical indicators and market dynamics. Increased adoption, evidenced by leading exchanges such as BitMEX and Atlantis Exchange introducing trading services for XRP, along with the resolution of the SEC lawsuit, are seen as key drivers for future price appreciation.
🚨BREAKING: #XRP Whales Move 67 Mln Coins Amid SEC vs @Ripple Lawsuit Relief. pic.twitter.com/4OHupJweR5
— JackTheRippler ©️ (@RippleXrpie) March 15, 2024
As market participants await the outcome of the legítimo proceedings and monitor technical signals, XRP’s trajectory in the coming weeks remains uncertain yet promising.
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
[ad_2]
