- XRP is staging a stunning rally to the surprise of many
- The recent surge in XRP price comes despite the Ripple-SEC lawsuit
XRP is staging a stunning rally to the surprise of many, accelerating above the tough $0.62 restrictive top of its March consolidation phase towards a fresh yearly high of $1.73. Further upside may likely continue as the XRP/USD pair approaches the $2 psychological level. The bias remains strongly bullish, though an overbought RSI above 80 would suggest a temporary pullback as traders take profit.
Now ranking fourth, the native digital asset on the XRP Ledger has a present market cap of $73.86 billion, with $18.73 billion in trade volume over the past 24 hours. XRP price has been on a tear since April 4 after volatility increased. On an intraday basis, XRP rose to highs of $1.73 before giving back some of the gains. As of press time, XRP was trading at $1.69, higher by 19.55% in the last 24 hours and 66.97% weekly.
The recent surge in XRP price comes despite the Ripple-SEC lawsuit filed in December 2020. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in unregistered securities. Ripple has been scoring legal victories in the lawsuit, first gaining the upper hand in the Tetragon lawsuit while also granting access to the US SEC documents “expressing the agency’s interpretation or views” on the subject of crypto assets. Ripple recently announced acquiring a 40% stake in Asia’s leading cross-border payment processor, Tranglo.
#XRPCommunity While we are waiting for the Individuals’ Motions to Dismiss in #SEC v. #Ripple, attached is the Order and Final Judgment entered in favor of Ripple Labs and against Plaintiff Tetragon Financial Group in the suit in Delaware Chancery Court. #Momentum pic.twitter.com/jCL5VklG1r
— James K. Filan (@FilanLaw) April 12, 2021
XRP Price Daily Chart: Bullish
The XRP/USD pair has continued its uptrend after it broke out of a bullish pennant on April 10. XRP has shot up to a new yearly high at $1.73 on Apr. 13, snapping out of a brief two-day consolidation. For the moment, the line in the sand is the Tuesday high of $1.73. If the buyers can propel the price above $1.73, the XRP/USD pair could rally to $2. Beyond this, the next resistance levels are at $2.40 and $3.00, setting up the stage for a retest of the Jan. 2018 all-time highs at $3.84.
Conversely, a daily close below $1.73 high could either keep XRP moving sideways or a drop to Monday’s lows of $1.29. If the price turns down and dips below $1.29, the pair could start a correction. If sellers come into play beneath this level, the $1.14 level (formerly resistance) should switch to support to keep the short-term outlook positive.
Failure to do so could bring the lower boundary of the April 6-9 consolidative range around $0.76 under the spotlight. Any violation at this point could confirm another negative extension towards the $0.62 level (March resistance now turned support).
- Supply Levels: $2.0, $1.85, $1.73
- Demand Levels: $1.51, $1.40, $1.30
The $1.30 psychological level remains a point to be closely watched in the short run, although the RSI is yet to confirm overbought conditions above 80. Meanwhile, in the bigger picture, the XRP market is maintaining a positive trajectory.
Do check out our all market analysis and price predictions – here.