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Following a sequence of bullish sessions, XRP has captured the attention of traders and investors alike. The coin experienced a 1.42% increase recently, ending the day at $0.6085 after an impressive 3.79% rally on a Tuesday. This bullish momentum extended XRP's winning streak to five sessions. Over a span of seven days, the coin observed a near 8% jump, with more than 3.5% of these gains materializing within the last 24 hours as XRP reclaimed the $0.60 mark – a price not seen since mid-August.
However, as with all financial markets, what goes up could also come down. Analysts and market experts are looking closely at the $0.64 price point, identifying it as the next potential resistance level for XRP. This price level might serve as a turning point, where the cryptocurrency could see a reversal. But why?
The reason behind this lies in the historical data and technical indicators. Often, resistance levels indicate a price point where selling interest overcomes buying pressure, causing the price to retract or consolidate. With XRP's rapid ascent, it is natural for traders to secure profits, leading to selling pressure around these levels.
The overall market positioning for XRP appears robust. It recently registered a 6.5% gain, marking its most substantial single-day percentage increase since July 13. But beyond just the technical analysis, other developments are influencing XRP's trajectory.
Legal hurdles have clouded XRP's journey for a while. However, recent legal developments have favored Ripple, the company behind XRP. The market has been buzzing with anticipation ahead of a Nov. 9 deadline, expecting a potential resolution between the U.S. Securities and Exchange Commission (SEC) and Ripple. This optimism might have played a significant role in XRP's price surge, closing at $0.5227 over a week.
Further boosting the confidence of XRP enthusiasts, a federal judge recently rejected the SEC's appeal motion against its loss to Ripple concerning the XRP token. This decision was soon followed by a notable rise in XRP's price.