XRP has shown significant price surges in the past 24 hours owing to the Ripple lawsuit update.
The Ripple vs. SEC lawsuit has come to an end with the regulator dropping it after nearly 5 years.
The overall crypto market has become modestly positive in the past 24 hours. With news of increasing global adoption and new crypto acquisitions, the sector is seeing quite the action. Notably, Pakistan has reconsidered its perspective towards digital assets and thus lifted the crypto ban.
Meanwhile, crypto exchange Kraken makes moves to venture into futures trading. However, the past day’s highlight still remains the historic end of Ripple Labs lawsuit against the SEC. This has caused quite the positive wave to run over the market owing to five long years of anticipation.
Secondly, this has resulted in Ripple’s token XRP showing significant price surges since the announcement. In the last 24 hours, the altcoin has factored in an increase of 6.50% after modest price increases over the past week. This caused XRP to climb to the $2.5 range after lobbying at the $2.3 level for weeks.
In the Asian afternoon hours of March 20, the altcoin was trading at a low of $2.31. However, at around late evening, it showed a significant surge and is maintaining the up streak presently. At the time of writing, XRP was trading at $2.48 as per CMC data.
Will XRP Hit $3 Soon?
On analyzing its recent price action, XRP shows a price consolidation i.e., horizontal channel followed by an upward movement. This suggests that the cryptocurrency might be proceeding towards an ascending channel in the coming days.
XRP/USDT Daily Price Chart (Source: TradingView)
Moreover, its long-term bull power indicator value stands at 3.98 while its bear power indicator value stands at -3.83. This indicates that XRP is breaking its bearish shackles to proceed upwards as suggested by the trading patterns.
Furthermore, the altcoin’s RSI value has moved upwards to 53.12 as per TradingView data. It can be inferred from this that XRP has entered the neutral zone. More optimistic news of XRP being added to the US crypto reserve and an ETF in the coming days are speculated by the community.
In such a case, the altcoin can be expected to sustain its current positive momentum and might reach its $3 resistance.