- XRP’s price hit $0.54, the highest since October 4.
- XRP’s 50-day EMA neared a golden cross with the 200-day EMA, confirming the bullish sentiment.
- A broader crypto market upswing and the dismissal of SEC charges against Ripple executives contributed to XRP’s rise.
XRP shattered barriers as its price surged to $0.54, a level not seen since October 4. This surge marked a significant milestone, reflecting a 15% increase since October 12.
The momentum was further fueled by a swift 6.54% spike on October 19, propelling XRP above the 21-day Exponential Moving Average (EMA) and confirming the prevailing bullish sentiment. A pivotal moment for XRP came as the 50-day EMA approached a golden cross with the 200-day EMA, standing at $0.5174 and $0.5175, respectively.
XRP’s rise was influenced by legal victories in the ongoing Ripple vs. SEC case. A pivotal moment occurred when Judge Analisa Torres officially dismissed the SEC’s charges against Ripple’s executives, a decision that reverberated positively throughout the XRP community. This legal clarity provided a boost to investor confidence, further amplifying the cryptocurrency’s upward trajectory.
Contributing to this surge was a broader positive trend in the cryptocurrency market. Bitcoin (BTC) demonstrated resilience by briefly touching the $35,000 mark. Although it retraced slightly, it remained above $34,000, instilling optimism among investors.
As XRP’s trade volume skyrocketed by 181% within 24 hours, reaching $1.93 billion, its market capitalization surged to $29.18 billion, solidifying its position as a prominent player in the crypto market. The next challenge for XRP lies at the $0.5576 resistance level, with potential gains paving the way for further advancements, reaching the next resistance at $0.5986.
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