The crypto markets are undergoing a roller coaster ride since the beginning of the week as the volatility of the tokens has intensified to a large extent. The price earlier broke above the decisive pattern that it carried from the times when the price marked the highs in 2021. The bullish breakout signals a significant price action may be incoming for the asset, while the final ruling over the Ripple vs SEC case may be the major catalyst.
The XRP price rallied more than 10% during the last trading day extending the total gains to more than 40% in the current month. The token emerged as the top performer while the broader market also witnessed a strong rally this month. While the price has kick-started a giant upswing with the presumption of Ripple winning the case, a monstrous rally may begin, soaring the price beyond $1 when the judgment is produced.
The XRP price rebounded from the major support levels at $0.41 and after a minor consolidation, the price soared high to beyond $0.51 and presently trading around $0.544. The RSI has touched the overbought levels and hence the possibility of a minor pullback looms.
Meanwhile, the ADX which determines the strength of the rally is surging high, indicating the price to withstand a minor bearish action and quickly rise high to reach the major resistance at $0.6541.
The recent price surge shot up the trade profit-taking ratio. As per the popular on-chain analytical platform, Santiment, the ratio spike to the highs previously recorded in August 2021. The major catalyst for the beginning of the XRP bull run is the judgment of the Ripple vs SEC case.
Source: https://coinpedia.org/uncategorized/xrp-price-is-exploding-may-reach-0-7-in-the-next-48-hours/