The digital currency issued by Ripple Labs ‘XRP’ has emerged as one of the top gainers in today’s trading session. Despite the bearish market, the bullish sentiments are still making a difference.
XRP Price Surged by 10%
In the recent trading session, XRP entered with its head high as one of the top performers. The buyers were ready to make a difference with their aggressive buying spree.
The bullish sentiments of the bulls have helped push the trading price of XRP, pulling the technical indicators to their side.
According to data from TradingView, XRP has witnessed a 10% surge that has given a significant push to its trading value.
Prior to the significant launch, the trading price of XRP was hovering at a lower level of $0.4380. However, the rally kept forming in favor of XRP within a 24-hour window.
The rally continued forming and at the midday trading session, XRP’s trading price hit a peak at $0.5117.
The trading price of $0.4380 XRP witnessed the other day was a 10-day low and it raised concerns among investors.
However, the bulls were able to achieve a rebound that saw the trading price of XRP move significantly in the bullish territory.
Current Price Action of XRP and Technical Indicators
Even now, the bulls are in strong spirits and therefore, they have managed to keep XRP’s price in the highest trading range since Monday. It is worth noting that the trading price of XRP currently stands at $0.5280.
As of now, multiple bullish sentiments and factors are the bulls continuing with their rally. The relative strength index for XRP shows that the asset has already crossed the midline.
At the time of writing, XRP’s RSI has crossed its ceiling to hit a high of 58.07. According to the analysis, the relative strength index for XRP has a ceiling of 57.00.
The higher the RSI moves for XRP, the higher the trading price of XRP would be. With the constantly rising RSI for XRP, more investors would jump in to support the bullish trend.
This would eventually help push the trading price of XRP to a higher level. However, the analysis suggests that the RSI for XRP may face resistance at 60.00.
If the digital asset crosses the particular level, then XRP’s price would continue to rise significantly, hitting higher resistance levels.
Major Positive Factor for XRP
One of the major factors for XRP is the support coming in from the court for the digital asset.
For those not aware of the matter, the US SEC and Ripple Labs have been fighting a lawsuit against each other since December 2020.
However, the reports and development suggest that things are going in favor of Ripple Labs. With positive speculations coming in favor of Ripple Labs, the trading price of XRP is getting boosted.