Good news is piling up for Ripple as the cryptocurrency broke above $0.50 on Friday. However, despite a 6.54% surge in Ripple price in its last session, the price has been unable to capitalize on the ongoing bullish sentiment in the crypto markets.
The breakout of Bitcoin above the $29,200 level has resulted in a market-wide greenery. Most altcoins have surged to fresh weekly highs amid a positive price action of Bitcoin.
However, the XRP price failed to catch a bid as the investor focus has shifted to Solana. As a result, the native asset of the Ripple ecosystem was down 0.83% till press time. Let’s have a deeper look at the price action and the fundamentals to see where the popular digital asset is heading.
Ripple Founders Celebrate Big Win
XRP is breaking the legal shackles that kept it in a downtrend in the past 3 years. The coin failed to make a new all-time high despite an unprecedented bull trend of 2020-21. After a court victory that favored Ripple and declared XRP, not a security, the SEC is now seeking dismissal of its lawsuit against the Ripple executives.
The news caused a 6.54% surge in Ripple price, pushing it above the major level of $0.50. However, the cryptocurrency still failed to break above a key resistance level.
In other news, XRP crypto is experiencing an increased interest from institutions. The latest reports have shown that institutions are constantly pouring in capital in digital asset. Just last week, 420,000 was injected into the project from the whales and institutions.
XRP/BTC Remains In A Slump
Most analysts only analyze the XRP/USD pair while ignoring XRP/BTC. However, I always analyze both pairs simultaneously to have a better understanding of the price action. The following chart shows that XRP price has been constantly tanking against Bitcoin since the July’s price pump which occurred after Ripple’s court win.
The price has found support from the upward trendline, which was accurately predicted in my last analysis. However, 0.000019 remains the biggest obstacle for the bulls. It will be very unlikely for the pair to break above this resistance amid a rising Bitcoin dominance.
Ripple Price Prediction
The XRP to USD price is struggling to overcome the dynamic resistance presented by the 200 MA. A clear break above this key moving average might make Ripple price prediction bullish once again. Another major resistance level is the current range high, which is around $0.55.
Just above these range highs, there lies a strong supply zone, which has resulted in multiple rejections this year. It is also worth mentioning here that the bears are still pretty much in the game and a breakdown below $0.50 may give them a lot of confidence.
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