As a long-term crypto investor with experience in following market trends and analyzing charts, I’m thrilled to see Ripple’s XRP surge by an impressive 10% within the past 24 hours. Breaking through the crucial $0.5 resistance level was a significant milestone that not only boosted XRP but also led the recovery of the altcoin sector.
As a crypto investor, I’m thrilled to share that Ripple‘s XRP saw an impressive surge of over 10% in value within the last 24 hours. Not only did it break through the significant resistance level at $0.5, but it also spearheaded the rebound of the altcoin market as a whole.
I’ve noticed an exciting development in the crypto sphere lately, as reported by CryptoPotato. The market is surging, and Bitcoin‘s price is heading towards a new high of $59,000.
But why did XRP’s price suddenly shoot up? Let’s explore some of the possible reasons.
Volatility Was Due to XRP’s Price
In the first half of July, we shared that an unusual configuration was emerging on Ripple’s price chart, implying potential market instability ahead.
The questioned pattern featured the Bollinger Bands indicator, which is a widely-used technical analysis method among market analysts for evaluating price volatility.
During that time, bands faced compressions unlike any other period, as noted by an X user.
XRP currently experiences a notably compact monthly Bollinger Band squeeze, which is among the most constricted in its history and across the entire crypto market. Previously, such a squeeze was accompanied by a price surge of approximately 60,000%.
The recent development didn’t lead to a 60,000% price surge for XRP, but this trend might have contributed to the coin’s heightened volatility over the past day.
Ripple v. SEC Lawsuit: Rising Speculations and Positivity
Bollinger bands may explain why the volatility picked up. But that volatility can go either way.
Recently, there’s been growing buzz that the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) could be nearing its conclusion.
Last year brought a significant, yet incomplete triumph for XRP as a judge determined that transactions involving the cryptocurrency in secondary markets do not equate to an investment contract offer. This development has left the XRP community hopeful that the ongoing legal disputes could ultimately result in a victory for Ripple.
Certainly, these are merely hypotheses with no concrete evidence to support them yet.
It’s possible that investors are heavily investing in this trade, with the belief that it will bring about favorable results.
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2024-07-13 15:58