Despite an largely dull cryptocurrency market, Ripple (XRP) appears to be an exception of sorts. In an environment that is largely driven by a negative price momentum, XRP has recently shown great price jump. One clear reason could be the possibility of a final verdict and closure of the SEC Vs Ripple case in upcoming days. To support this theory, major technical metrics are on a bullish pattern and hence there is chance of further rally.
There is a strong buying pattern with XRP over the last one week, with price jumping as much as 63% over the period. The sentiment around is that the SEC case led to an increase in trader optimism and high XRP whale movement. Also, the whales appear to have shifted their focus away from Ethereum, which had a historical upgrade in the form of The Merge. On the flip side, Ethereum’s (ETH) price has been on the downward side since the Merge completion last week.
XRP Price Rally – Technical Formation
Technical analysis shows that XRP is breaking the 18 month trend on the volume front, at the current levels. The cryptocurrency is also breaking a 22 month trend on the RSI. According to analysis by Crypto Banter, an influencer, these observations indicate huge buying opportunity for XRP. After a 63% jump over last week’s prices, it remains to be seen if the altcoin carries the same momentum forward.
“XRP is breaking the 18 month trend on volume front and the 22 month pattern on RSI front. This is obviously extremely high time frame bullish news like the once in a while crazy pump.”
Huge Jump Over Last Week
Over the past one week, the XRP trading volume jumped by as much as $7 billion, adding to last week’s level of $20 billion. As of writing, the altcoin price stands at $0.5369, up 30.34% in the last 24 hours, according to price tracking platform CoinMarketCap. With the breaking of long term trends, it appears that a Ripple (XRP) rally is potentially in the making.
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Meanwhile, experts feel that the market is betting on Ripple’s win in the SEC case. With the jump in trading, it looks like people feel the case is about to end in Ripple’s favor, said David Gokhshtein, host of a cryptocurrency related podcast. Crypto Vinco, who claims to be a crypto whale on Twitter, said Ripple (XRP) is occupying the market strength from Bitcoin and Ethereum. “$XRP looks to be doing something very rare – eating up demand from other cryptos, even from giants like $ETH and $BTC. If this rally maintains its momentum, we could see an unprecedented burst to the upside.”
