XRP, the native cryptocurrency of Ripple, has been making headlines recently as it outperforms Bitcoin and Ethereum in the crypto market. While the latter two registered a price drop, XRP’s price has surged, making it the top gainer among the 50 biggest cryptocurrencies in the last 24 hours and the biggest gainer among the top 100 cryptos recorded over the past seven days.
XRP’s Price Movements
However, XRP’s price movements in the past few days have shown indecision among buyers and sellers. The consecutive inside-day candlestick patterns on March 22 and 23 suggested that buyers and sellers were hesitant. Nonetheless, the bulls have successfully defended the 200-day SMA ($0.40) for the past three days, which could be a minor positive sign. The 200-day SMA may now act as a new floor.
According to some experts, after a sharp move, the price tends to consolidate for a few days before resuming a trending move. In XRP’s case, buyers would need to push the price above $0.51 to signal the start of the next leg of the uptrend. A break below the moving averages could result in a retest of $0.36.
RSI Indicator Prints Overbought Signal
XRP is worth $0.449501 at the time of writing this. The RSI indicator has recently printed an overbought signal, which could indicate the possibility of a failed breakout (fakeout). This would be disastrous for the bulls, as the market could drop rapidly back toward the $0.3 level.
XRP has generally followed the overall market’s positive trajectory as of late, and the extraordinary gain may be attributed to rising hopes that Ripple would ultimately prevail in the SEC lawsuit. That comes after a string of favorable events for the blockchain firm leading up to the summary decision.
In the midst of all this, whales have made a bold move by transferring 383 million XRP amidst the market frenzy. This action has sparked further excitement among XRP investors and traders, who are eagerly watching the cryptocurrency’s performance.
XRP Could Break $1, All-Time High of $3.40 with Ripple Victory
It is possible that XRP may return to its November 2021 high of $1 if Ripple Labs prevails in its current legal struggle against the SEC, which has already caused it to rise over the $0.50 level. That’s where it has the chance to break through to new heights, maybe over the $3.40 all-time high. But it would need a more bullish market overall. Still, if Ripple were to emerge victorious, XRP would have the propulsion it needs.