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XRP Price Explodes, What’s behind This Rally?

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VOC, Voice of Crypto, XRP

XRP is making waves in the crypto world this week. The general crypto market’s movement over the last few weeks has been interesting but in all the wrong ways.

The FED rate hike did a number on the bitcoin price, fluctuating the figure before giving the bears all the fuel they needed to sink the price below the $19,600 mark.

Bitcoin crashed to the $18,200 zone on Sunday and is now consolidating as the bulls and bears even things out before a move to the upside or an even greater dip.

However, the exception to these unfavorable market conditions in the crypto market has been XRP.

Overall, the crypto market has been bearish. XRP, on the other hand, is showing signs of massive bullishness and has even jumped unnaturally in price over the last few days.

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What Is Happening with XRP

One of the reasons for XRP’s recent price movement may be the upcoming pronunciation of the final verdict and the closure of the court case between Ripple Labs and the SEC in the coming days.

Besides this, the indicators on XRP’s charts show that its price action is incredibly bullish, and the price of XRP may rally further upwards.

Within the last week alone, XRP’s bulls showed massive strength, displaying strong bullish patterns on the charts and raising its prices above 63% of what it originally was over the last few days.

The general market sentiment about the SEC versus Ripple case in court may be a possible reason for this. This sentiment may have increased trader optimism and attracted whales to the bulls’ side.

More and more whales appear to be shifting their focus from Ethereum and picking alternatives since the historical upgrade on the former, known simply as “the merge.”

Ethereum’s price has taken a nosedive over the last few weeks, right after the merge, and is now trading below the $1300 mark.

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Technicals Price Analysis

XRP Price Chart

XRP Price Chart | Source: TradingView

On the charts, XRP appears to be breaking its 18-month trend on the volume front and at its current level.

According to data from Crypto Banter, a crypto influencer, XRP also appears to be preparing to break its 22-month trend on the RSI. This signals a huge buying opportunity for investors on XRP.

So far,  XRP has jumped 63% in the last seven days, and the future of its price is still very much under speculation.

Nobody knows if the bulls can keep up this upward momentum on XRP, but we all know that the trading volume on XRP increased by about $7 billion, making a total of about $27 billion over the last two weeks.

This indicates strong buying pressure on cryptocurrency. At the time of writing, XRP trades at $0.536 and has jumped 27.39% in price over the last day, according to CoinMarketCap.

Overall, the crypto community seems to be betting on Ripple winning the court case against the SEC.

 

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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