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XRP rallies 8% in 24 hours as Ripple records minor wins against SEC

XRP rallies 8% in 24 hours as Ripple records minor wins against SEC

After undergoing a sharp decline, XRP bulls are propelling the asset to embark on a new rally, even as the general cryptocurrency market sentiment remains uncertain. Indeed, XRP’s ongoing surge comes as the token’s parent company Ripple continues to record minor wins from a legal perspective. 

As things stand, XRP is trading at $0.41, representing gains of about 8% in the last 24 hours. The gains came after XRP’s ability to build momentum above $0.41 appeared threatened, with the asset hitting a weekly low of $0.34.

XRP seven-day price chart. Source: Finbold

At the same time, the XRP buyers have increased their stake in the asset. In particular, the seventh-ranked cryptocurrency by market cap has a valuation of $20.63 billion, recording gains of $1.46 billion in 24 hours. 

XRP one-day market cap chart. Source: CoinMarketCap

XRP price analysis 

In the meantime, XRP’s critical resistance level remains at $0.50, considering the asset previously faced rejection in a bid to sustain gains above the position. If the bulls maintain a position above $0.40, XRP will likely target a new resistance of $0.45 before proceeding to $0.50. However, if bears overpower the bulls, XRP will probably find further support at $0.35.

With XRP enjoying a bullish trendline, the asset’s technical analysis remains neutral. A summary of the daily gauges on TradingView aligns with ”neutral” at nine while ‘moving averages‘ are for buy at eight. Elsewhere, oscillators are ”neutral” at eight. 

XRP technical analysis. Source: TradingView

Furthermore, XRP’s growing interest is highlighted by the social activity around the token. Notably, crypto analysis platform Lunar Crash data indicates that XRP’s social volume stands at 8,883 while social engagements are over  24.72 million. 

XRP social activity chart. Source: LunarCrush

XRP’s key fundamentals

At the same time, XRP’s impressive performance appears to defy market momentum, considering that most assets are recovering from the FTX exchange collapse. However, it is worth highlighting some of the fundamental factors responsible for triggering XRP’S value in recent weeks. 

The developments around Ripple’s case with the Securities Exchange Commission (SEC) ranks top on the list. Notably, Ripple has appeared to record minor wins in the case, a factor that has acted as a catalyst for XRP’s rally. 

Furthermore, the XRP community will monitor developments around the case, with the latest happening indicating that the two parties might go for a settlement as the matter nears a conclusion.

Finally, the XRP community on CoinMarketCap remains bullish regarding the asset’s long-term prospects. As reported by Finbold, the community is projecting that XRP will trade at $0.42 by the end of 2022.

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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Paul L.
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