Why is the Ripple (XRP) Price Up Today?

TL;DR

• XRP’s valuation surged by 8% and briefly exceeded $0.61.
• Its rally coincides with the emergence of a “Golden Cross” on its price chart and the uptick of the entire cryptocurrency market.

XRP on the Run

Ripple’s XRP has been among the top-performing cryptocurrencies in the past 24 hours, with its price rising by 8% and reaching $0.61 (per CoinGecko’s data).

Several X users noted that the asset’s latest rally happened shortly after the emergence of a “Golden Cross” on its price chart. The pattern occurs when a shorter-term moving average (the 50-day moving average) crosses above a longer-term moving average (the 200-day moving average). Traders generally see this as a bullish signal suggesting that the XRP valuation may continue its uptrend in the near future.

Another factor that might have positively affected the token’s price is the silence from the US Securities and Exchange Commission (SEC) on a possible appeal of the recent court decision in the lawsuit against Ripple. Recall that Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws, a sum representing a 94% deduction from the regulator’s initial request for $2 billion.

Many industry participants, including Ripple’s CEO Brad Garlinghouse, viewed the development as a major victory for the firm. The SEC has the right to contend the decision to some extent but has so far given no indications of such a move. 

XRP’s substantial price increase also coincides with a broader uptick in the entire cryptocurrency sector. The industry’s global market capitalization surged above $2.2 trillion, with Bitcoin (BTC) nearing $61,000 and Ethereum (ETH) trading at over $2,650. 

XRP Predictions

The coin’s resurgence has sparked optimism across the XRP community, with many analysts expecting further gains in the foreseeable future.

The X user CRYPTOWZRD argued that the asset’s price closed “strongly bullish,” envisioning enhanced volatility and “a more bullish outcome from the current location led by XRP/BTC” in the short term. 

JACKIE chipped in, too, claiming that Ripple’s native token has been leading the crypto market’s rally in the past two occasions, speculating this might repeat again. “It’s a new paradigm that many will fail to adapt to cause in the past it’s usually been the opposite… XRP pumped the last, and then a market dump followed. Smart ones are adapting,” they added.

Those willing to explore additional price forecasts can check our dedicated article here.