XRP surged 11.33% in 24 hours, hitting $2.71 and crossing a $150B market cap.
Ripple’s legal wins and SEC Chair Gensler’s resignation boost market confidence.
XRP has surged to $2.71, recording an 11.33% increase in the past 24 hours. Its market capitalization crossed $156.25 billion, climbing 11.74% during this period. The token’s 24-hour trading volume soared by 62.91% to $44.64 billion, representing a market cap ratio of 28.99%. This rise positions XRP as a dominant force in the current crypto market.
Ripple CEO Brad Garlinghouse attributes this rally to SEC Chair Gary Gensler’s resignation and Ripple’s recent legal victories. These developments boosted market optimism and solidified Ripple’s leadership in the crypto space.Â
Chief Legal Officer Stuart Alderoty and lawyer Bill Morgan have also hailed the positive sentiment surrounding XRP. WisdomTree’s recent filing for an XRP Exchange-Traded Fund (ETF) with the SEC added further momentum, as it joined Bitwise and 21Shares in the race.
XRP’s legal victory earlier this year marked a turning point. The asset’s growth continues to outpace its competitors, reaching levels unseen in six years. Ripple’s influence and market leadership remain unmatched in this environment.
Will XRP Hit a New ATH Soon?
XRP is navigating a key resistance level at $2.78, with support resting at $2.64. If the resistance breaks, the price could target $3.00. However, a drop below $2.64 might test $2.50 in the short term.
The Relative Strength Index (RSI) stands at 94.53, signalling an overbought condition. The RSI average is 87.91, underscoring strong upward momentum. This suggests possible consolidation before another breakout.
The 20-day and 50-day moving averages indicate a bullish crossover. This alignment confirms continued upward momentum for XRP. The Chaikin Money Flow (CMF) stands at 0.34, highlighting strong buying pressure. This indicates significant capital inflows into XRP, which align with its rally.
The CMF suggests further bullish sentiment, reinforcing the technical indicators of sustained growth. Ripple’s recent achievements have set the stage for sustained growth. However, traders should monitor resistance levels and overbought signals for short-term corrections. XRP remains a key player in reshaping the crypto landscape.
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