XRP has surged by over 13% in the past 24 hours, with $11.35 million in liquidations recorded. Following a post-election rally, the entire crypto market cap has reached $2.99 trillion, while Bitcoin (BTC) hit a record high of $89.9K. Most major assets are rebounding, and XRP has shown a notable gain of 13.42% within the last day.
During this bullish run, XRP peaked at $0.6959 and is currently trading at $0.6612, with a trading volume of $6.47 billion. Additionally, the market saw an $11.35 million liquidation of XRP, according to recent data.
Over the last month, XRP has maintained a positive trend with gains exceeding 21%, further boosted by a 27% rise in the past week. Initially trading at $0.5107, XRP has steadily risen to its present levels.
In a related development, a legal expert noted that a court decision ruled that Ripple’s XRP sales do not constitute securities as they were not marketed to retail investors. The SEC is appealing the ruling, but Ripple remains unlikely to change its stance. Meanwhile, Bitcoin holders continue to promote the asset without SEC restrictions.
XRP Bulls Aim for a Potential Upsurge
On the four-hour technical chart, the Moving Average Convergence Divergence (MACD) indicator aligns above the signal line, indicating upward momentum and a potential bull run.
The Chaikin Money Flow (CMF) indicator, standing at 0.21, suggests increased capital inflows and buying pressure, favoring buyers. Trading volume has surged by 49.10%.
On the daily chart, the short-term 9-day moving average (MA) is positioned above the 21-day MA, with XRP in an overbought market condition as reflected by the daily Relative Strength Index (RSI) at 75.51.
If the bullish momentum continues, XRP may surpass $0.6990 and could test further resistance levels. Conversely, if a downturn occurs, XRP could fall back to its recent low of $0.6307, potentially dipping lower.
Disclaimer: This analysis reflects only the author’s opinion and is not investment advice. Readers are encouraged to conduct their own research before making investment decisions.
