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XRP experienced a significant price surge of 10.4% in the last 24 hours, reaching $0.605. This increase coincided with the mysterious transfer of 150 million XRP from Ripple to an unknown wallet, fueling speculation within the cryptocurrency world. Additionally, XRP’s 24-hour trading volume increased by 40%, indicating growing investor interest. Meanwhile, Bitcoin also rose by 2.7% during the same period, reaching $65,600, causing market-wide activity.
If Conditions Permit, It Could Reach $1
The analysis of XRP’s recent performance reveals potential for further gains. Over the past week, XRP has risen by over 39%, maintaining its position above the 50-day and 200-day Simple Moving Averages (SMAs), demonstrating impressive strength. Initially, the altcoin seemed to be breaking out of a falling wedge formation, but whales injected over $4 billion into the market, leading to a recovery. Data from Lookonchain shows that whales continue to move large amounts of USDT to cryptocurrency exchanges, indicating further upward potential.
XRP’s price chart is moving towards a general resistance at around $0.75, which has persisted for nine months. Breaking this resistance could push the price to $0.94. Conversely, if a downtrend prevails, the altcoin may find support around $0.5, a region indicating market imbalance and potential rebound. XRP’s Relative Strength Index (RSI) recently climbed to 76.39, the highest level in nine months, signaling strong upward momentum while also suggesting a possible pullback due to overbought conditions.
Alongside this, Bitcoin’s outlook remains bullish, with predictions of an 11% rise to test the $73,000 resistance. Surpassing this barrier could push Bitcoin into a price discovery zone, potentially lifting the entire cryptocurrency market. Bitcoin’s RSI is currently at 63.03 and rising. The upward momentum persists despite resistance in the 60-65 RSI range.
XRP Shows Strength Amid Ripple’s Rumored Settlement with SEC
Meanwhile, speculation regarding Ripple‘s legal issues intensified following the transfer of 150 million XRP to an unknown wallet. This move fueled rumors of an imminent settlement in Ripple’s ongoing case with the SEC. In the past, the SEC proposed reducing Ripple’s penalty from $2 billion to $102 million, while Ripple proposed a $10 million penalty. The value of the transferred XRP aligns with the SEC’s proposed settlement figure, contributing to the speculation.
A closed-door meeting between the parties to discuss the “resolution of the case claims” further fueled settlement expectations. The cryptocurrency world is abuzz with discussions about the potential impact on XRP’s price if the case concludes favorably. Ripple’s recent transfer of XRP worth $87.5 million has heightened expectations, with some anticipating a significant price surge if a settlement is announced.
