The post Will XRP Bulls Initiate a Smooth Rally Above $0.4? These are the Levels Traders Need to Watch Closely appeared first on Coinpedia Fintech News
Over the past few weeks, the price of XRP, the native token of Ripple, has remained stable due to the impending summary judgment in the XRP lawsuit. The outcome of the judgment, whether in favor of Ripple or the US SEC, is anticipated to have a significant impact on the XRP price, potentially sparking a surge or dumping it. However, XRP bulls remain positive on the upcoming price trend as Ripple is confident in the lawsuit and focused on bringing new developments.
Ripple Shows No Sign Of Slowing Down In Developments
XRP has become a favorite asset for whale investors as the community has witnessed a spike in interest in accumulation over the past few days. According to the data, Ripple has released 1 billion XRP tokens in several transactions, valued at around $378 million. This means that approximately 51 billion XRP tokens are now in circulation, representing 51% of the total supply. Hence, it created fresh excitement among investors and the XRP community ahead of the final judgment.
Moreover, Ripple has taken a bold move as the payment giant is now dealing with 20+ banks to develop a CBDC. While major countries such as China and the United States have concentrated on creating a central bank digital currency (CBDC) through the public sector, smaller nations with limited resources are choosing to engage companies like Ripple to create a CBDC that meets their specific requirements. As Ripple is moving toward real-use cases of blockchain technology, the firm is gradually adding value to its native token XRP to make it a dominant asset in the crypto market.
XRP Price Is Preparing For An Upswing
XRP has demonstrated remarkable resilience and attracted investors by bouncing back from previous lows despite the uncertain market conditions. Moreover, its impressive ability to maintain crucial support levels has boosted investor confidence.
However, the XRP token has again faced rejection at $0.385 near the crossover of EMA lines on the daily price chart. It seems that the token is now preparing for a heavy pump after a minor setback in the next few days.
As of writing, XRP price trades at $0.376, with a decline of 1.4% in the last 24 hours. A prominent crypto analyst, CryptoCheck, predicts that XRP may soon skyrocket above the resistance of $0.4 following some important factors. A surge above the 23.6% Fib level will send the token to $0.45, from which the token can experience an extended upward rally to $0.65.