Ripple’s XRP has been one of the top-performing cryptocurrencies over the last 24 hours, with its price increasing by 8% and hitting $0.61 (according to CoinGecko).
Many XRP users observed that the latest surge in value occurred shortly after a “Golden Cross” was seen on its price chart. This pattern emerges when a short-term moving average (the 50-day moving average) crosses above a long-term moving average (the 200-day moving average). Traders usually interpret this as a positive sign indicating that XRP’s value may continue to rise in the near future.
Another possible factor contributing to the token’s price increase is the absence of any statement from the US Securities and Exchange Commission (SEC) regarding a potential appeal of the recent court ruling in the Ripple lawsuit. In this case, Judge Torres ruled that Ripple must pay a $125 million fine for violating certain securities laws, a significant reduction from the SEC’s initial $2 billion claim.
Several industry insiders, including Ripple’s CEO Brad Garlinghouse, see this outcome as a substantial win for the company. While the SEC can challenge the ruling to some extent, there have been no indications of such action up to this point.
XRP’s notable price surge also aligns with a general uptrend in the overall cryptocurrency market. The global market cap for the industry has exceeded $2.2 trillion, with Bitcoin (BTC) nearing $61,000 and Ethereum (ETH) trading above $2,650.
XRP Predictions
The recent rise in XRP’s value has generated optimism within the XRP community, with many analysts predicting further growth in the near future.
One XRP user, CRYPTOWZRD, described the price action as “strongly bullish,” anticipating increased volatility and a more favorable outcome driven by XRP/BTC in the short term.
JACKIE also shared their views, suggesting that Ripple’s native token has led the recent crypto market rally and speculating on a potential repeat scenario. They highlighted a shifting trend where XRP has driven market movements, in contrast to historical patterns. They emphasized the importance of adaptation for success in this evolving market.
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