XRP has experienced a remarkable week alongside the events in the crypto space. All leading assets are positively responding to the potential approval of a Bitcoin Exchange-Traded Fund (ETF) and the upcoming halving event next year. As Bitcoin and Ethereum make significant upward moves in their price, XRP is gearing up to achieve a new year-to-date high. XRP has witnessed a 4% increase in the past 24 hours and an impressive 12% surge over the last week, bringing its value to $0.552866.
Analysing the one-day chart for XRP, experts note a bullish market structure that has been consistent for the past ten days. Notably, there was a bearish order block in the $0.513-$0.55 range since late August. It is evident that market participants have established a trading range between $0.47 and $0.55.
The midpoint of this range, which stands at $0.51, has served as both a support and resistance level over time. The Relative Strength Index (RSI) reflects a reading exceeding 50, signalling a bullish trend. Additional metrics like the Average Directional Index (ADX) further support this upward trend, registering a reading above the 20 mark.
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The On-Balance Volume (OBV) hasn’t breached local resistance, implying weak recent buying volume. Meanwhile, the mean coin age has improved performance since September, suggesting aggressive XRP accumulation with fewer address-to-address transactions.
Analysts point out that the Market Value to Realized Value (MVRV) remains in negative territory, with any move into the positive zone potentially prompting profit-taking by holders. Although the spot Cumulative Volume Delta (CVD) experienced a downtrend from October 20 to October 22, recent hours have rebounded, coinciding with a substantial increase in Open Interest and price.
However, despite its rally, XRP remains significantly down, at 84 per cent from its all-time high of $3.4. There are predictions that the asset could reach as high as $0.995159 by the end of the year.
The remarkable surge in Ripple’s value follows the recent dismissal of all lawsuits by the US Securities and Exchange Commission against Ripple executives. In a filing with the U.S. District Court for the Southern District of New York, Ripple’s legal team stated:
“It is now stipulated and agreed … that the claims alleged by Plaintiff Securities and Exchange Commission against Defendants Bradley Garlinghouse and Christian A. Larsen … are hereby dismissed in their entirety, with prejudice and without costs or fees to either party.”
This recent development has had a ripple effect across the entire crypto market. Bitcoin is approaching the $35k mark, surging 12 per cent in the last 24 hours and 21 per cent in the past week. Ethereum is also up, with a 9 per cent gain in the last 24 hours and a 15 per cent increase in the past seven days.