Why is Ripple (XRP) price going up today?

TL;DR

XRP valuation rose 8% and briefly topped $0.61. Its rally coincides with the appearance of a “Golden Cross” on its price chart and the rise of the entire cryptocurrency market. XRP on the go

Ripple’s XRP has been one of the best performing cryptocurrencies in the last 24 hours, with a price increase of 8% to $0.61 (according to data from CoinGecko).

XRP Price, Source: CoinGecko

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

Another factor that could have positively affected the price of the token is the silence of 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 fine of $125 million for violating certain securities laws, a sum that represents a deduction of 94% of the regulator’s initial request of $2 billion .

Many industry participants, including Ripple CEO Brad Garlinghouse, saw the development as a big win for the company. The SEC has the right to appeal the decision to some extent, but has so far given no indication of such a move.

The substantial rise in XRP’s price also coincides with a broader rise across the cryptocurrency industry. The industry’s global market capitalization rose above $2.2 trillion, with Bitcoin (BTC) nearing $61,000 and Ethereum (ETH) trading above $2,650.

XRP Predictions

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

User X CRYPTOWZRD argued that the asset price closed “strongly bullish”, predicting higher volatility and “a more bullish outcome from the current location led by XRP/BTC” in the near term.

JACKIE also chimed in, stating that Ripple’s native token has been leading the crypto market rally in the past two occasions, speculating that this could happen again. “It’s a new paradigm that many won’t adapt to because in the past it’s usually been the other way around… XRP pumped last, and then a market dump followed. The smart ones are adapting.” they added

Those who want to explore additional price forecasts can check out our dedicated article here.

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