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XRP, the sixth largest cryptocurrency, is up 4.2% in the last 24 hours at $0.448. The cryptocurrency is also up 16.74% in weekly gains, beating major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which are down 0.20% and 3.66%, respectively, in the last seven days.
XRP surged on March 21, printing a giant green candlestick as it jumped from lows of $0.372 to reach highs of $0.492. The rise was followed by profit-taking the next day, but overall, the XRP price has remained in the range of $0.41 to $0.455 in the past three days.
As observed on the XRP price chart, a bull flag pattern seems to be building up. 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.
The daily RSI is slightly tilting upward and is in the positive 60 range, suggesting an advantage for the bulls. In a reversal of the trend, XRP might seek support at $0.40, which coincides with the daily MA 200.
Other positive triggers
Monica Long, president of Ripple, told CNBC in the week that she was "very hopeful" about the company reaching a positive resolution in the SEC lawsuit, hinting at a possible conclusion sometime this year.
"Considering by our view both the facts and the law are on our side," she believes it is "very unlikely" that the court will rule in favor of the SEC.
The SEC sued Ripple in December 2020, alleging that the company sold unregistered securities. XRP might have its price bolstered by positive developments in the lawsuit.
Tomiwabold OlajideThe XRP price might also be boosted by the broader crypto market sentiment. Given the expectation of a pause or slowdown in interest rates and the slowing of inflation, cryptocurrency markets have generally increased during the previous week or two.
At the time of writing, several cryptocurrencies, including Bitcoin and Ethereum, were recording losses; XRP is seen decoupling from the short-term trend and was trading up in the green instead.
Dan Burgin
Alex Dovbnya