Numerous key technical indicators has pointed toward a rise in XRP price with fundamentals backing such outcome.
After a bullish 4.72% gain in the past 24 hours, the asset has become a subject of much interest within the crypto community. Muses of a move above $1 have come back in contention, with experienced analysts eyeing a further substantial rise.
Interestingly, the bullish sentiment is also reflected in the technical charts, with XRP sitting pretty on key indicators. For instance, the asset recently climbed above the 50-day and 200-day estimated moving averages (EMAs) on the daily chart which underlines sustained buyer interest over a significant period, thus largely considered a bullish indicator.
Another interesting indicator pointing to further XRP gains is the asset’s relative strength index (RSI). At the time of writing, XRP seats comfortably above the 50 RSI mark, indicating higher buying pressure.
Ideally, the asset would also need to trade above these levels to avoid any bearish sentiment creeping in amongst investors.
As the above chart shows, XRP is currently trading at $0.6922, representing a 4.722% gain in the past 24 hours.
XRP’s Technical Strength And Fundamental Backing
Beyond technical charts, XRP is enjoying an impressive tailwind as Ripple continues to ramp up legal victories in its longstanding lawsuit against the United States Securities and Exchange Commission (SEC).
In addition to July’s victory which clarified that the asset secondary sales did not constitute securities transactions, the SEC has also notably pulled out of lawsuits against Ripple’s executives. Many investors consider the backsliding action by the regulatory agency as evidence that a settlement is near.
Meanwhile, XRP is also winning outside the United States shores. Last week, Ripple secured approval from the Dubai Financial Services Authority (DFSA) to offer the asset within the Dubai International Finance Center (DIFC). This specific approval allows digital asset custodians in the region to offer XRP-related services.
Simply put, a combination of technical and fundamental developments has contributed immensely to XRP’s recent resurgence. Barring all significant negative news, investors remain optimistic that XRP’s double-digit gains (22%) over the past week are just the start of a new bull run for the asset.