XRP price was the best performer in the cryptocurrency market recently amid relief from Ripple Labs and broader market sentiment. The altcoin is up nearly 10% over the past week, and its year-to-date price remains at 57.57%. XRP’s overall market capitalization rose 7.85% over the past day to $28.57 billion, ranking it the 5th largest asset class.Day After Binance Coin. Additionally, the total volume of digital assets traded increased by 137% during the same period.
Mitigation against ripple
XRP price has remained in the green for three days in a row and is currently above the bullish support zone of $0.5290. A key catalyst for XRP’s recovery is the SEC’s move to drop its lawsuit against two Ripple Labs executives. According to documents filed in a New York court last Thursday, the U.S. Securities and Exchange Commission dismissed the lawsuit against Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen.
In a court filing, the agency said it was withdrawing claims that two Ripple Labs executives aided and abetted the sale of the XRP cryptocurrency, which a judge determined amounted to a sale of unregistered securities. Wall Street regulators accused Ripple of illegally obtaining more than $1.3 billion in unregistered securities products by selling XRP in December 2020.
U.S. District Judge Analisa Torres granted Ripple Labs a landmark court victory in the case last July, ruling that XRP is considered a security only when sold to institutional investors. Judge Torres subsequently denied the SEC’s request to appeal the ruling. Nonetheless, she ruled in favor of the SEC, in part because she said the SEC had established that Ripple’s sale of $728.9 million of XRP to hedge funds and other high-quality buyers violated the law. .
Additionally, optimistic cryptocurrency market sentiment has fueled the XRP price recovery. The global cryptocurrency market capitalization increased 3.50% over the past 24 hours to $1.18 trillion, while the overall cryptocurrency market size increased by more than 32%. The Crypto Dear and Greed Index improved to a greed level of 55, indicating increased risk appetite.
In particular, Bitcoin’s strong rally lifted the overall cryptocurrency market sentiment. The top cryptocurrency is hovering near its highest level since July, boosted by confidence in Bitcoin EFT approval. At the time of writing, the leading cryptocurrency was trading at $31,410.45.
XRP Price Analysis
Looking at the daily chart, we can see that the price of XRP has been on an upward trajectory for the past few days and has surpassed the psychological level of $0.5000. At press time, XRP price was trading 2.43% higher at $0.5353. The asset has surpassed its 50-day and 200-day exponential moving averages. The Relative Strength Index rose to 62, suggesting that buying pressure is increasing. The Moving Average Convergence Divergence (MACD) indicator is sending a buy signal.
As a result, XRP price is likely to move higher in the next session as bulls are eyeing the immediate resistance level of $0.5535. A break above this level could pave the way for a subsequent rise to $0.600. On the other hand, a drop below the critical support level of $0.500 would invalidate my optimism.
XRP price chart