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XRP Price Suddenly Turns Green, Here's What's Happening

Fri, 04/07/2023 - 11:23
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Tomiwabold Olajide
XRP price goes green as positive expectations line up
XRP Price Suddenly Turns Green, Here's What's Happening
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The XRP price suddenly turned green amid a sea of red in crypto prices as positive expectations remained.

At the time of writing, XRP was up 2.16% in the last 24 hours at $0.508 — the only asset in green among the top 10 coins, save for stablecoins. The crypto market traded in red as investors anticipated Friday's nonfarm payrolls report for further signs of the Fed's monetary policy tightening.

Bitcoin was marginally down to trade below the $28,000 mark, while Dogecoin tumbled down 10% after Twitter stopped using the cryptocurrency's mascot as its logo.

XRP's Social Dominance Spikes After Massive Price Gain

As reported, XRP just made its first MA crossing in 2023, which is the golden cross. A bull flag, which is a continuation pattern that looks like a downward-sloping channel or rectangle denoted by two parallel trendlines, was also sighted on its daily chart.

Traders should now pay attention to bulls gaining control to push another fresh rally.

Ripple-SEC lawsuit decision anticipated

Optimism continues to remain as the community anticipates a resolution in the Ripple-SEC lawsuit soon.

Speaking on the likely time frame, pro-Ripple lawyer and XRP holders' attorney John Deaton says, "There was a previous case where Judge Torres gave her summary judgment ruling 60 days after her Daubert decision. She issued her Daubert decision on March 6. Sixty days later is May 6. I said I would be surprised but not shocked if it's later than May 6."

Ripple Win Over SEC Could Spark Altcoin Rally, Says Analyst

Recently, Bitso, a Mexico-based crypto exchange and one of Ripple’s On-Demand Liquidity (ODL) partners, disclosed that it processed up to $3.3 billion in remittances between the United States and Mexico in 2022. Ripple president Monica Long took to Twitter to commend the feat.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.