The XRP price outperformed during the Monday market correction and surged 3% to trade at $0.591. The bullish momentum is gradually accelerating for the Ripple coin as the risk of U.S SEC appeal is diminishing amid the other developments. Are XRP buyers ready to counter?
XRP Price Rebonds Amid Grayscale Launch and MiCA Alliance Announcement
The XRP price daily chart showed a sharp v-shaped recovery from $0.5 to $0.58— a 15.6% increase last week. The bullish turnaround followed several developments, such as the Grayscale launch of the XRP trust fund and the re-listing of XRP as a tradable asset on the Robinhood investment platform.
Ripple coin gained further momentum on Monday following the announcement that it had become a founding member of the MiCA Crypto Alliance, supported by the DLT Science Foundation (DSF). Alongside Hedera and the Aptos Foundation, Ripple’s involvement in this alliance highlights its commitment to advancing blockchain compliance, sustainability, and transparency.
This coordinated effort will help blockchain firms avoid compliance challenges while driving technological advancements in the European blockchain landscape. This increased regulatory clarity could further bolster the XRP appeal for retail and institutional buyers.
Ripple On the Verge of Major Breakout
The XRP price currently trades at $0.591, boosting a market cap of $32.6 Billion. Amid the recent market recovery, the coin buyers managed to reclaim the 50-and-200-day Exponential moving averages, offering buyers suitable support to drive a higher rally.
If sustained buying, the XRP price is just 3.5% away from rechallenging the triangle pattern’s upper boundary, which has been intact since September. The chart setup drives a sideways action with two converging trendlines, waiting for a decisive breakout to drive the next directional move.
Therefore, a successful breach from the overhead trendline will intensify the bullish momentum as it sets the potential target at $0.93, followed by $1.4.
On the contrary, if the selling pressure at the downsloping trendline persists, the XRP price could revert to $0.4 bottom support.
Frequently Asked Questions (FAQs)
The 3% surge in XRP’s price is attributed to key developments, including the launch of Grayscale’s XRP Trust and the re-listing of XRP on the Robinhood platform. Additionally, Ripple’s involvement in the MiCA Crypto Alliance
Ripple, alongside Hedera and Aptos Foundation, became a founding member of the MiCA Crypto Alliance, which focuses on advancing blockchain compliance, sustainability, and transparency
If XRP faces continued selling pressure at the downsloping trendline, the price may revert to its bottom support at $0.4,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-jumps-3-in-24-hours-should-you-buy-or-sell-now/
✓ Share: