Ripple CTO Defiant, Will XRP Extend Its 15X Surge by Breaking $0.66?

XRP is in a bullish formation, recently breaking above $0.52 and $0.55. Further gains above $0.66 will open up more gains for the coin

Dalmas Ngetich•Wednesday, April 24, 2024•2 min read

XRP is firm, and bulls are in charge, looking at price action in the daily chart. Even though the upside momentum faces strong roadblocks at $0.66 and $0.74, there are fundamental drivers that could help propel bulls above these barriers. Thus far, prices remain muted but defined by the April 22 bar. At the same time, since prices are above the middle BB and April 13 highs, the odds of even more gains in the short term remain.

Coin trackers point to a solid performance by XRP in the past few trading days. On the last day alone, the coin is stable but up 11% week-to-date. However, the inactivity on April 23 allowed optimistic bulls to accumulate. So far, the average trading volume stood at over $1.3 billion.

XRP daily chart for April 24

Crypto investors are keeping an eye on the following XRP and Ripple news:

As prices rise, on-chain data reveals that addresses holding at least 1 million XRP are near record highs. From a price standpoint, the more users accumulate, the more bullish it is for the coin. This could lay a solid foundation for more price gains in the days ahead.
Despite the general lull in the XRP price action, David Schwartz thinks its performance has been nothing short of impressive. In a recent tweet, the CTO said prices are up 15x, soaring from over $0.03 in 2017 to $0.55 when writing.

XRP Price Analysis

XRP/USD is on an upward trajectory, looking at price action.

The unwinding of April 13 losses is a big boost for bulls. However, further gains, ideally above $0.60, could be the basis for a sharp expansion above $0.66 and $0.74 in the days or weeks ahead.

Even so, the outcome of the Ripple-United States SEC case is crucial and would shape price action.

As we advance, a break above $0.66 will invalidate the current bear breakout formation of April 12.

If not, a sharp rejection from around $0.58 to $0.60 zone will force the coin back to April 2024 lows of $0.41.