XRP price defies market volatility with exceptional performance
XRP, the original cryptocurrency of Ripple, has been making headlines lately as it surpasses Bitcoin and Ethereum in the crypto market. While the latter two recorded a price drop, XRP’s price has risen, making it the biggest gainer among the top 50 cryptocurrencies in the last 24 hours and the biggest gainer among the top 100 cryptos recorded in the past seven days.
XRP’s price movements
However, XRP’s price movements in recent days have shown indecision among buyers and sellers. The subsequent inside candlestick patterns on March 22 and 23 suggested that buyers and sellers were hesitant. Nevertheless, the bulls have defended the 200-day SMA ($0.40) for the past three days, which could be a less positive sign. The 200-day SMA can now act as a new floor.
According to some experts, after a sharp move, the price tends to consolidate for a few days before resuming a trend movement. In XRP’s case, buyers will need to push the price above $0.51 to signal the start of the next leg of the uptrend. A break below the moving averages could result in a retest of $0.36.
RSI indicator prints overbought signal
XRP is worth $0.449501 at the time of writing. The RSI indicator has recently printed an overbought signal, which may indicate the possibility of a failed breakout (fakeout). This would be disastrous for the bulls, as the market could quickly fall back towards the $0.3 level.
XRP has generally followed the general market’s positive trajectory recently, and the extraordinary gain can be attributed to growing hopes that Ripple would ultimately prevail in the SEC lawsuit. It comes after a series of favorable events for the blockchain firm that led to the summary judgment.
In the midst of all this, whales have made a bold move by transferring 383 million XRP amid the market frenzy. This action has sparked further excitement among XRP investors and traders, who are keenly watching the cryptocurrency’s performance.
XRP May Break $1, All-Time High of $3.40 with Ripple Victory
It is possible that XRP could return to the November 2021 high of $1 if Ripple Labs wins its current legal battle against the SEC, which has already pushed it above the $0.50 level. That’s where it has the chance to break through to new highs, perhaps above the $3.40 all-time high. But it would need a more bullish market overall. Still, if Ripple were to emerge victorious, XRP would have the momentum it needs.
