After trading in a consolidated range for two weeks, XRP succeeded in raising its price.
The recent Fed rate hike to 75 basis points on November 2 has kept XRP in range bound territory as it triggered negative sentiment in the cryptocurrency market.
However, Ripple Labs’ parent coin is seeing bullish spikes in the price chart as Ripple is on the cusp of its historic victory against the Security and Exchange Commission (SEC).
XRP trades rises amid Ripple’s win!
The prolonged fight between the SEC and Ripple Labs has almost come to the finish line as the payment giant is now being backed by several companies to prove that the SEC’s claim of XRP is false.
However, attorney Jeremy Hogan Jeremy Hogan Jeremy else Followers: 0 View profile in a thread of tweets earlier today, I noticed that ripples ripple M ***[email protected] Crypto/Blockchain Solutionfall due Followers: 0 View profile The vs SEC issue is much more complicated than winning or losing. Hogan has posted a series of tweets detailing the legal outcome of the Ripple vs SEC lawsuit.
According to Brad Garlinghouse, CEO of Ripple, Twelve friendly summaries were submitted by various crypto exchanges and developers and the individual entities that support Ripple in the lawsuit.
Moreover, the XRP token transaction has also surged amid positive news from the lawsuit.
According to Whale Alert, there are several huge transactions recorded today, amounting to 300 million XRP tokens.
The transactions were primarily between several crypto companies that partnered with Ripple, including Bitstamp, Bittrex, BitGo and CoinsPh.
XRP’s dominance of market capitalization is also on the upside as it started a new high today and is trading at 2.47%.
According to the on-chain analysis, if the market dominance of XRP increases by 20%, it could witness a massive bullish rally as it could cross $13.28 with a 50 billion supply being traded.
XRP Price Prepares for a Strategy Game Plan
Since September 22, Ripple’s XRP token has been holding its price above the crucial support level at $0.449 as the bulls continue to create buying pressure.
Looking at the daily price chart, XRP managed to overcome several hurdles as it broke above the key resistance at $0.4854. The altcoin is currently making a long bullish candle showing no sign of the downside to the trade.
The strength of additional buying pressure could push XRP up 55% from its current level as investors are constantly accumulating XRP for their portfolios in the event of a dip.
The RSI-14 indicator is trading in a bullish zone at the 60 level, which supports the current positive momentum of XRP.
XRP has also broken the EMA-100 and EMA-200 trend lines and is currently hovering around the SMA-100 on the 4-hour price chart.
XRP is approaching the 61.8% Fibonacci retracement level of the upper limit of the Bollinger band at $0.548. A successful break above $0.55 will take XRP to new highs, where it could trade above $0.68.
However, the above bullish analysis may be rejected if XRP encounters rejection at $0.5 and drops below the lower bound of the Bollinger band at $0.43, where the EMA-100 is trading. If it breaks the support level, XRP may head towards the bottom of $0.35.
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