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May 22, 2024
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XRP Flashes Signal For A Bullish Breakout! Top Analyst Identifies Key Resistance Levels For XRP Price

The post XRP Flashes Signal For A Bullish Breakout! Top Analyst Identifies Key Resistance Levels For XRP Price appeared first on Coinpedia Fintech News

With each passing day, an increasing number of crypto investors are turning their focus toward the XRP token, as it holds the potential for a significant bull run if Ripple emerges victorious in its lawsuit against the SEC. Lately, Ripple has been diligently developing a CBDC ecosystem and XRPL, reflecting strong confidence in the possibility of a new peak in XRP’s price chart. Consequently, numerous analysts are now leaning toward a bullish outlook for the XRP token in the upcoming weeks.

Ripple’s XRPL Witnesses Massive User Activity

Ripple’s XRPL (XRP Ledger) has recently observed a surge in user activity, which has caught the attention of crypto enthusiasts and investors. This spike in activity signifies the growing adoption of the XRPL in various sectors and highlights the ledger’s potential to revolutionize cross-border payments, gradually strengthening the XRP price.

XRPL developer Wietse Wind has recently highlighted an unexpected spike in traffic on XRPL’s public infrastructure. Although the infrastructure has experienced high traffic levels in the past, Monday’s unprecedented peak stood out. An overwhelming number of HTTP requests and connection setups began pouring in, reaching thousands of requests per second. This marks a growing excitement and adoption among XRP investors. 

Moreover, before the final judgment, Attorney Jeremy Hogan suggests that the presiding judge in the Ripple lawsuit could opt for a middle-ground approach, ruling that XRP sales since mid-2018 were not securities.

This is based on the SEC’s admission that Ripple’s actions had a negligible impact on XRP’s price from that time onwards. Under this scenario, Ripple may face an “affordable” fine and then continue with its operations, with XRP emerging as the sole cryptocurrency possessing regulatory “clarity.”

XRP Needs To Break Above This Level

Although XRP’s price has experienced a modest increase, it remains distant from crucial levels. To enable further growth, bulls must push the price back to the $0.52 zone and maintain it above that threshold. Until this occurs, continued sideways trading within the $0.49-$0.50 range is a more probable scenario.

As of writing, XRP price trades at $0.51, gaining over 0.5% in the last 24 hours. Renowned crypto analyst Michael Van De Poppe recently shared his insights on XRP’s upcoming trajectory. He believes that the XRP price is currently trapped in the $0.49-$0.50 range, and entering near the $0.45-$0.48 zone can prove profitable. 

XRP’s current price trend suggests a potential bull run, and Michael anticipates that if the price breaks and flips above $0.53, it may potentially set off the next upward momentum, reaching $0.58.

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