XRP Price Surge Driven by Positive Sentiment and SEC Rumors
The XRP coin has experienced a significant surge in price over the past week, settling above the $0.60 mark. This surge, amounting to a 15% rise in the last 24 hours and a 40% gain on the weekly chart, is attributed to rumors that the SEC’s case with Ripple will be settled imminently. The on-chain analytics platform Santiment also noted a growing number of whale XRP holders, further boosting optimism in the market.
Market Excitement and Ethereum ETF Launch Support XRP Price Gains
In addition to the SEC rumors, broader market excitement surrounding the upcoming launch of an Ethereum ETF has played a role in driving XRP price gains. The overall positive sentiment in the cryptocurrency space has also contributed to the surge in XRP’s market capitalization, now ranking sixth in the cryptocurrency rankings.
XRP Faces Resistance at $0.66: Will History Repeat Itself?
Despite the recent surge, XRP faces a key resistance level at $0.66. Historically, this level has proven challenging for XRP price, with multiple attempts to break above it resulting in price falls. If history repeats itself, XRP may find support at $0.51 before attempting another breakout. However, failure to hold this support could lead to further downward pressure, with a test of support at $0.38 by the end of July.
On the other hand, a successful break above the $0.66 resistance could propel XRP price to new heights, potentially reaching $0.74 by the end of next week. Further bullish momentum could see XRP price surge to $0.94 levels and even reach highs of $1.21, according to analysts.
RSI Points to Continued Uptrend for XRP
From a technical perspective, the RSI for XRP is rising and approaching overbought territory. With plenty of room for further uptrend in the short term, experts believe that XRP’s upward momentum could continue. If the RSI remains in overbought territory, XRP may see new peaks in the coming weeks, potentially breaking through the $0.66 resistance level.
Overall, the positive sentiment, market excitement, and technical indicators suggest a strong outlook for XRP in the near future, pending the resolution of the SEC case with Ripple.
