Why is XRP surging? Key points to note
The price of XRP surged on October 14, climbing double figures in the last 24 hours as the token managed to reclaim the crucial $0.50 price mark.
Indeed, XRP leads the top 20 cryptocurrencies by market capitalization by gains, currently trading at $0.5017, up 12.43% in the last 24 hours, according to data retrieved by Finbold from CoinMarketCap.
The total market worth of XRP is $25.046 billion, adding almost $3 billion to its market cap in the last 24 hours alone from $22.29 billion a day earlier.
XRP bullish signs
As a result of recent favorable developments in Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), the XRP token has been outperforming the broader cryptocurrency market.
the CEO of Ripple, Brad Garlinghouse, recently estimated that it was probable that the lawsuit would be resolved in the first half of 2023. After both sides submitted their applications for summary judgment at the end of the previous month, the price of the XRP token experienced a significant increase.
The price of Bitcoin (BTC) has experienced a bullish breakout, while the cost of XRP is now trading around $0.5. Investors should anticipate a further increase in buying pressure exerted on the remittance token if this trend continues. Due to this move, the XRP may be able to retest the $0.561 to $0.596 barrier, which has been a critical level since January 2022.
XRP support level
In light of the above, the flip of this barrier into a support floor will be a crucial development for the XRP price, and it has the potential to drive the XRP price up.
While the price of XRP seems to be on the rise, the recent ascent might be halted between $0.561 and $0.596. This failure, however, may contradict the bullish argument if it converts the $0.464 support level into a resistance barrier.
Such a move might pave the way for bears to drive the XRP price to $0.39, as crypto trading expert Ali Martinez highlighted in his technical analysis (TA) on October 11 that XRP could be displaying a ‘sell signal’ based on the TD Sequential.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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