The XRP price has increased by 4.2% in the last 24 hours to $0.448. The cryptocurrency is also up 16.74% in weekly gains, outperforming big cryptocurrencies like Bitcoin and Ethereum, which are down 0.21% and 3.46% in the last seven days, respectively.
On March 21, XRP rallied, creating a massive green candlestick as it jumped from lows of $0.372 to highs of $0.492. The increase was followed by profit-taking the next day, but the XRP price has maintained around the $0.41 to $0.455 area for the past three days.
A bull flag pattern appears to be forming on the XRP price chart. A bull flag is a continuation pattern that looks like a flag on a pole and denotes a brief pause in the trend after a significant price move higher.
The daily RSI is slightly upward and in the positive 60 zones, indicating a bullish advantage. In a trend reversal, XRP may seek support at $0.40, corresponding to the daily MA 200.
Monica Long, Ripple’s president, told CNBC this week that she was “extremely hopeful” about the business finding a favorable resolution in the SEC action, implying that it could be resolved this year.
“Considering by our view both the facts and the law are on our side,” she expects the court will rule “very unlikely.”
In December 2020, the SEC filed a lawsuit against Ripple, alleging that the business traded unregistered securities. Positive developments in litigation could boost the price of XRP.
The overall crypto market attitude may also help the XRP price. Because of the expectation of a pause or slowdown in interest rates and a slowing of inflation, cryptocurrency markets have generally increased over the last week or two.
Some cryptocurrencies, including Bitcoin and Ethereum, were experiencing losses at the time of writing; XRP, on the other hand, appeared to be decoupling from the short-term trend and was trading up in the green. At the time of writing, Ripple’s native token is changing hands at $0.45945.
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This article was republished from azcoinnews.com
