XRP price prediction – Expect bulls to run out of steam at THESE levels!
How much did XRP rally over the last five days?
XRP rallied by an astonishing 21.1% over the last five days, measured from 08 July's daily session open. This resurgence came after XRP fell below an 11-month range low, indicating a deviation in the market. The change in sentiment might be due to expectations of a ruling in July in the U.S. Securities and Exchanges Commission's (SEC) lawsuit against Ripple.
What drove XRP's recent price gains?
XRP's recent price gains were driven by expectations of a ruling in July in the U.S. Securities and Exchanges Commission's (SEC) lawsuit against Ripple. The news likely sparked optimism among traders and investors, leading to a 21.1% rally over the last five days.
What is the significance of XRP's resurgence above $0.45?
XRP's resurgence above $0.45 caught traders off-guard as it signaled a potential bullish reversal after weeks of subdued performance2. This came after the drop to the $0.41 support in May 2023, which meant that the long-term range was broken, and XRP was preparing for another move north4. The reversal above the $0.47 resistance indicated that bulls were raring for a rally, and this deviation below a long-term range and price surge usually accompanies a move to the opposite end of the range.