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XRP Just Reached Multimonth Highs, Here Are Two Triggers

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Tue, 28/03/2023 - 15:45
XRP Just Reached Multimonth Highs, Here Are Two Triggers
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XRP continued its rise over the weekend, reaching intraday highs of $0.505 last seen in November 2022 before the FTX collapse. 

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At the time of writing, XRP was up nearly 4% in the last 24 hours at $0.50, defying the broader market slump brought on by recent regulatory concerns. XRP is set to mark its fourth consecutive day of gains since March 25.

As observed on the XRP price chart, the price increase began after XRP successfully broke out of a bull flag formation. A bull flag is a continuation pattern that resembles a flag on a pole and indicates a brief pause in the trend following a strong price move higher.

A breakout often ensues with the token price climbing higher. XRP is now significantly higher than the March 21 high of $0.494, when bulls drove its price higher by more than 20%.

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XRP is also trading above the key MA 50 and 200 barriers, which have hampered its price for weeks. The daily RSI is also supporting the price move as it remains in the positive 70 range.

Ripple lawsuit optimism

The optimism regarding the Ripple lawsuit, which many believe will provide clarity for the crypto industry, might have also contributed.

On March 27, the CFTC filed its complaint against Binance and its CEO, citing a lack of compliance with its rules.

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However, positivity came as enthusiasts think the classification of major cryptocurrencies, Bitcoin, Ethereum, Litecoin and a few others as commodities in the CFTC filing against Binance might bode well for XRP. 

In December 2020, the SEC filed its lawsuit against Ripple and two of its executives for unregistered security offerings as regards XRP sales.

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