- XRP has once again surged above the $0.6 price level.
- The altcoin is up almost 28.5% in the past 30 days.
- The upcoming RLUSD and possibilities of an XRP ETF can push XRP to $1.
XRP, the seventh-largest cryptocurrency by market capitalization, has rebounded to the $0.60 price level after dipping as low as $0.58 in the past 24 hours. Analysts suggest that if the altcoin can maintain this level, investors could witness a bullish move towards higher prices in the near future.
As of this writing, CoinMarketCap data shows XRP trading at $0.6081, up around 1% in the past 24 hours. However, the trading volume of the digital asset has decreased 6.45%, currently standing at $2 billion with a market cap of $34 billion. Notably, XRP has shown substantial gains recently, up 9.15% in the past week and 28.49% in the past 30 days.
According to the daily chart from TradingView, the altcoin experienced a significant surge with six consecutive bullish daily candles followed by three consecutive green candles. The bulls remain in control of the XRP price action.
The Relative Strength Index (RSI) is valued at 64.17, indicating that buying pressure remains strong and traders may enjoy higher prices in the short term. The token was overbought a few days ago, but RSI levels are gradually declining, suggesting a slight decrease in buying pressure. However, the gradient of the RSI suggests that XRP may maintain the $0.60 price level.
Importantly, XRP’s price action has also benefited from speculation about a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC). While CEO Brad Garlinghouse has not commented on the chances of a settlement, a closed-door meeting is expected to take place between the two entities to discuss the accusations.
The launch of Ripple’s stablecoin is also anticipated to boost XRP’s price. The U.S. dollar-backed stablecoin, termed RLUSD, will launch on both the XRPLedger and the Ethereum blockchain, aiming to disrupt the stablecoin sector currently dominated by Tether’s USDT and Circle’s USDC. Additionally, speculation about a potential XRP exchange-traded fund (ETF) further contributes to a bullish outlook for the digital asset.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
