XRP Price Revs Up for Potential Breakout! Traders Anticipate a New High This Week

Bitcoin and Ethereum, which are high market capitalization assets, have remained stable, while altcoins such as XRP have experienced overnight double-digit gains. According to crypto experts, Bitcoin’s increasing dominance indicates that the “popcorn effect” is imminent, and the gains will keep spreading to XRP. XRP’s 20% upward rally has been majorly attributed to the potential resolution of the lawsuit filed against Ripple by the SEC in December 2020, which is expected to conclude in the first half of 2023.

XRP Gains the Altcoin Market’s Attention

Today’s crypto rally has been driven by Ripple, as enthusiasts of XRP have been buying up the cryptocurrency in anticipation of a verdict in the ongoing court case between the Ripple company and the SEC. If Ripple comes out victorious, it could set a crucial precedent for the entire cryptocurrency industry.

Within the past 24 hours, the XRP token has surged by 22.4%, reaching price points that haven’t been seen in months and earning the distinction of being the top-performing cryptocurrency among the top 10.

According to CoinGlass data, liquidations in the last 24 hours have totaled $16.69 million, with the majority of the losses ($12.48 million) coming from short positions, indicating that bears have been hit the hardest.

Following XRP’s surge in trading activity, Binance has declared the expansion of its range of investment products that focus on XRP. As a component of this announcement, all Binance users will be able to access weekly options contracts for XRP/USDT.

It is noteworthy that Binance introduced new investment options for XRP just a day after the token exhibited the strongest price movement among the top cryptocurrencies. Yesterday, XRP surged by over 30% and reached a four-month high of $0.493 per token, marking the end of a consolidation period that had been ongoing since November 2022. 

What is Waiting for XRP Price Next?

During the previous week, XRP established a support level above $0.35 and gradually began to rise above the $0.37 resistance area. 

Eventually, the buyers were able to overcome a significant barrier near the $0.4 level. Furthermore, a contracting triangle with resistance near $0.398 was broken, resulting in the token surging by 25%, and the $0.45 resistance level was clearly surpassed.

As of now, XRP price is trading at $0.45, with a gain of nearly 5% in the last 24 hours. Analyzing the daily price chart, the XRP token is currently witnessing a downward correction after facing rejection near $0.5. As a result, it is predicted that XRP may drop to $0.42 support region, from which a fresh increase is expected to $0.585.