Despite the crypto industry experiencing a minor correction in its valuation, XRP coin price has gained approximately 4% within the past day and has cumulatively added over 9% over the past week, indicating a rising bullish influence for this crypto in the market.
The prime reason for the recent jump is predicted to be the high possibility of a reduction in the settlement cost of the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
Ripple’s XRP price traded in a closed range between $0.5976 and $0.6139 for over a week, following which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the bulls lost momentum at the resistance level of $0.6286.
After multiple attempts, the bulls regained power and jumped over 10% before falling rejection at $0.6921. Following this, the price started trading under a bearish influence and erased all its gains from the price pump.
Since then, the price has been constantly trading in a consolidated range between $0.5976 and $0.6286. Recently, the bulls successfully broke out of the resistance level, indicating a trend reversal in the market.
Positively, the Cross EMA 50/200 Day displays a high possibility of a Golden Cross, suggesting the coin will experience massive price action in the coming days.
Will The XRP Price Continue Rising?
The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating massive ongoing buying pressure in the market. Moreover, the averages show a bullish convergence, suggesting a bullpower in the space.
If the bulls push the price above the resistance level of $0.6445, the XRP price will continue to gain value and test its upper resistance level of $0.6629. Maintaining the price at that level will set the stage for Ripple to attempt to test its resistance level of $0.6921 in the coming time.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.6139 this week. Further, if the bears continue to dominate the market, it will plunge and test its lower support level of $0.5976 this month.