Recent XRP-related developments have caused a rise that has paralleled the expansion of Bitcoin (BTC). Notably, big news stories regarding the SEC dismissing charges against Ripple’s leaders coincided with a sharp increase in the price of XRP. A key trigger, such news enabled XRP to record its largest single-day increase in three months.
One can see significant resistance and support levels that XRP has encountered by closely examining the daily chart. XRP was trading slightly below a significant resistance level before the announcement. The good news served as the ideal trigger, driving the cryptocurrency’s price far over this limit.
The $0.50 level is particularly notable from a support standpoint. It will be important to watch to see if this level changes from a resistance to a support following XRP’s surge. The trust of traders in XRP’s rising trajectory will rise if it keeps its position above $0.50. This level will serve as a crucial first line of defence against more major drops should there be any retracements in the near term.
What, then, will happen to XRP? On the upside, we may expect XRP to test the next barrier at about $0.65 if the bullish trend keeps going. A crossing of this milestone would be important since it may pave the way for a further rise with targets in the $0.70 and $0.75 range.
Bullish optimism permeates the market as a whole, not only for XRP but also for the larger cryptocurrency ecosystem. For altcoins, Bitcoin’s consistent growth has always been encouraging since it often opens the door for more interest and investment in the cryptocurrency market. With BTC setting the scene and XRP following suit, traders and investors alike are becoming more optimistic.
