In a remarkable show of resilience, Ripple’s XRP coin continues its upward trajectory, consistently maintaining a robust position around $0.6479.
The coin’s substantial growth throughout the year can largely be attributed to the growing optimism surrounding the possible resolution of its high-profile lawsuit with the US Securities and Exchange Commission (SEC).
Why is XRP price up today?
The price of XRP is up today, rising nearly 4.5% in the last 24 hours to a three-week high of $0.65. In result, it has outperformed the broader crypto market, whose returns in the last 24 hours came to be about 1%.
Optimistic SEC. vs Ripple update… pic.twitter.com/TFWYUrMNGw
— Bitcoin Traders Club (@btctraderclub) December 7, 2023
This buoyant market sentiment has significantly bolstered Ripple’s market capitalization, pushing it tantalizingly close to overtaking Binance Coin. XRP now stands just $1 billion shy of this significant financial milestone, marking a potentially historic moment in its market journey.
Let’s dive into the data and technical indicators to uncover the XRP price prediction.
Ripple’s Positive Legal Outcome and Market Dynamics Propel XRP Towards Surpassing Binance Coin
The legal victory of Ripple over the SEC has significantly boosted its standing, with XRP retaining most of its gains despite a recent dip. Conversely, Binance Coin has encountered challenges, including the resignation of its CEO and a substantial fine, leading to a decline in its value.
As a result, Ripple is now on the brink of overtaking Binance Coin in terms of market capitalization.
🚨BREAKING: #XRP is close to overtaking Binance Coin in terms of market capitalization, standing only $1 billion away! 🚀📈 pic.twitter.com/OysEBeRDl2
— JackTheRippler ©️ (@RippleXrpie) December 8, 2023
Currently, XRP is merely $1 billion shy of becoming the world’s fourth-largest cryptocurrency, boasting a market cap of approximately $34 billion. This close gap suggests that Ripple might soon surpass Binance Coin, a scenario that underscores the volatile and ever-changing landscape of the cryptocurrency market.
Consequently, Ripple’s favorable legal resolution and the prospect of surpassing Binance Coin have significantly bolstered XRP’s position. This turn of events is perceived positively by investors, reinforcing market confidence and potentially paving the way for further gains in Ripple’s future.
XRP Gains Momentum Amidst US Blockchain Focus and Whales’ Moves
The spotlight on Ripple’s XRP intensified significantly on December 8, coinciding with the U.S. government’s increased focus on blockchain technology. This surge in attention was marked by substantial whale transactions and optimistic predictions from market analysts.
According to Whale Alert, a notable transaction involved the transfer of 44.8 million XRP, equivalent to $29.6 million, to the exchanges Bitstamp and Bitso.
This movement aligns with the growing U.S. commitment to blockchain technology, as emphasized by the recent ‘Deploying American Blockchains Act of 2023.’
Ripple, with its ambition to establish a global payments network, is well-positioned to benefit from this legislative development. The significant whale activities are indicative of the burgeoning interest and advancements in U.S. blockchain initiatives.
XRP Whale Moves 45 Mln XRP As Price Plunges, What’s Happening? https://t.co/WZEMCv5AM2
— protea008.crypto (@protea008) December 8, 2023
Consequently, these developments likely fueled increased interest and confidence in XRP, with the potential to positively influence its price. Investors are responding to these evolving dynamics within the cryptocurrency landscape, which bodes well for Ripple’s future prospects.
XRP Price Prediction
The XRP/USD pair has displayed a remarkable performance, currently trading at $0.6530, marking a 1.40% increase. Ranking #4 in market capitalization, XRP’s live market cap stands impressively at $30 billion, with a circulating supply of 46 billion coins.
On the 4-hour chart, the pivot point at $0.6297 serves as a key juncture for the currency’s short-term trajectory. XRP faces immediate resistance at $0.6697, with subsequent challenges at $0.7000 and $0.7332, marking potential targets for bullish advances.
Conversely, support levels at $0.5881, $0.5671, and $0.5401 could provide a cushion against any pullbacks.
The Relative Strength Index (RSI) at 63 indicates a bullish sentiment, though not yet overbought. The MACD shows a positive value of 0.0014 against a signal line of 0.0075, suggesting potential upward momentum.
This is further confirmed as the price hovers above the 50-day Exponential Moving Average (EMA) of $0.6275, supporting a bullish trend.
A symmetrical triangle pattern on the chart suggests that XRP is currently in a phase of consolidation. This pattern indicates that a breakout, either upward or downward, could be imminent.
Overall, the trend for XRP/USD appears bullish above the pivot point of $0.6295. In the short term, the market is poised to test the resistance levels if current support holds firm.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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