XRP Surges 40%
All the focus in the past 24 hours in the world of crypto has been on the price surge in XRP.
Ripple’s XRP token has been in the news for all the wrong reasons since December thanks to an SEC lawsuit, however, in recent times, the price action has been very much bullish.
In the past few hours, XRP has surged 40%, taking nearly 0.95 on Binance, before retracing around 10% in Asian trade.
While there are no catalysts for the jump, we are hearing a number of things that could be leading to added buying interest. In recent days, there have been murmurings that Coinbase is looking to relist XRP after it effectively halted trading thanks to the SEC lawsuit. A number of other exchanges severely limited the ability to buy XRP as well.
On the SEC lawsuit front, there is also some belief that this week we will hear more about the role of BTC and ETH. It’s funny that the SEC waited eight years to ask the question of whether XRP is a security or not. The reality is that the outcome of this case is very important for the entire industry as it leads to various levels of regulation.
In terms of price action, we saw a big push that was looking very likely from a technical perspective. We can see a triangle pattern on longer-term charts which is of course a precursor to a big breakout.
I am expecting to see a push to that elusive $1.00 level. However, if and when the SEC case is settled, look out. I think there are big things ahead for XRP.
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