XRP Is Pumping! Will the Bulls Take It to $1 Soon?

• XRP price surged by 33% in a month.
• Ripple’s market capitalization is inching closer to BNB’s dominant position.

XRP, a prominent cryptocurrency, has recently surged to a three-month high of $0.7132, with the rally starting in mid-October. Over the past month, XRP has experienced a remarkable 33% increase, and in just the last seven days, it saw a surge of 24%. Market analysts anticipate that this bullish trend will likely continue in the coming days.

Additionally, the trading volume for XRP has increased by a staggering 82%, reaching $2 billion, and its market capitalization has grown by 8%, now totaling $37 billion in the past 24 hours. Notably, experts suggest that Ripple’s market cap is gaining ground, potentially challenging Binance Coin (BNB) for its position.

Santiment, a leading cryptocurrency data aggregator, reports that wallets holding $100K-1B XRP are at their highest levels in 2023. This three-month high for XRP coincided with a remarkable 23% increase against BTC in the past week and marked the highest level of XRP discussions since mid-July.

In a positive development for the XRP community, prominent cryptocurrency attorney John Deaton has provided insights into the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple. Deaton believes that a settlement of $20 million or less would constitute a significant legal victory for Ripple. 

Also, he strongly refutes the notion that the lawsuit’s outcome is evenly balanced, asserting that it heavily favors Ripple, with a 90/10 advantage over the SEC. Deaton’s comments were prompted by a legal setback for the SEC, as highlighted by Stuart Alderoty, Ripple’s Chief Legal Officer.

Where XRP Bulls Take the Price?

 A closer look at XRP’s current price movements reveals several bullish signals. The 9-day exponential moving average (EMA) has risen below the current trading price, settling at $0.6237. Additionally, the daily relative strength index (RSI) stands at 87, suggesting that it is in overbought territory.

If the price manages to go past the $0.80 mark, then the price is likely heading towards the $1 resistance level. Contrarily, if the price goes below the $0.58 support level, then the price will likely decline further to test the $0.50 level.