- Binance’s recent victory against the SEC has led to an increase in XRP’s price.
- Trading at $0.4833, XRP’s price has maintained its bullish streak since yesterday.
- Sustained buying pressure could push XRP’s price towards $0.521.
Over the weekend, Ripple (XRP) experienced a positive price movement as cryptocurrency enthusiasts celebrated Binance exchange’s recent victory against the US Securities and Exchange Commission (SEC). In addition, the perception of the financial regulator as a common adversary has fostered a sense of unity among the crypto community.
In turn, this led to XRP’s upward trend in the past 24 hours, making it one of the few cryptocurrencies in the green heading into the new week. This optimism has been reinforced by ongoing discussions regarding an imminent ruling in the Ripple vs. SEC case.
Ripple’s price movement has also turned bullish after hitting a low of $0.455 on Friday. This resulted in the weekend sparking renewed confidence among XRP holders as the remittance token’s legal battle with the US financial regulator draws closer to its resolution.
Trading at $0.4833, XRP’s price has maintained its bullish streak since yesterday when Judge Jackson granted permission for Binance US to continue operating in the United States. Consequently, CoinMarketCap indicated that the remittance token saw a 0.52% price increase over the past 24 hours.
Despite this, XRP’s weekly performance is still firmly set in the red zone at -4.69%. The altcoin’s price is also down by more than 80% since reaching its all-time high (ATH) of $3.84
in January of 2018. With the 100-day Exponential Moving Average (EMA) at $0.468 now acting as support, Ripple (XRP) has entered a recovery phase as selling pressure subsides.
If buyer momentum continues to increase, Ripple’s price has the potential to surpass the 50-day EMA at $0.485 as well, which would open the path for a potential challenge of the resistance level at $0.495. Sustained buying pressure could even push XRP towards the lower boundary of the supply zone at $0.521.
This supply zone may be followed by a selloff from traders and investors. However, if buying interest remains strong, XRP’s price may break through this zone and reach the resistance level at $0.542. Such a move would signify a notable 12% increase from the current price.
The upward movement of the Relative Strength Index (RSI) on XRP’s daily chart supports the optimistic outlook for XRP’s price, indicating a growing momentum in favor of bulls. On the other hand, if early profit-taking occurs, it could disrupt the upward trend, leading to a potential drop below the 100-day EMA.
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