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<p>The post <a href="https://coinpedia.org/news/why-xrp-price-is-up-today/">Top Reasons Why XRP Price Is Up Today</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ripple’s XRP has been on a hot streak, rising over 30% in the past two weeks to hit $0.61. This impressive rally has drawn attention across the crypto space, driven by a series of developments that have renewed investor confidence and bullish sentiment around the token.</p> 
<p>Let’s dive in deeper to explore what’s fueling XRP. </p> 
<h2 class="wp-block-heading" id="h-ripple-s-expanding-business-network">Ripple’s Expanding Business Network</h2> 
<p>A key factor fueling XRP’s surge is the recent discovery of a court document shedding light on Ripple’s extensive business dealings involving XRP. This document,<a href="https://www.crypto-law.us/wp-content/uploads/2023/03/ORDER-granting-in-part-and-denying-in-part-532-535-537-540-543-546-768-770-773-786-789-and-791-Motion-to-Preclude.pdf"> filed during the 2023 </a>Ripple-SEC legal battle, revealed that Ripple has secured over 1,700 contracts with financial institutions and companies for XRP-based transactions.</p> 
<p>This massive network of partnerships is seen as a bullish signal, indicating that XRP is gaining traction within the financial sector, further solidifying its utility and long-term prospects.</p> 
<h2 class="wp-block-heading" id="h-sec-s-silence-boosts-confidence">SEC’s Silence Boosts Confidence</h2> 
<p>Another catalyst behind XRP’s rise is the <a href="https://coinpedia.org/news/sec-accepted-its-defeat-wont-challenge-ripple-xrp-case-ruling-but/">U.S. Securities and Exchange Commission’s (SEC)</a> continued silence on a potential appeal in the Ripple case. Despite Judge Torres ruling that Ripple must pay a $125 million fine for securities violations, the SEC has yet to respond with an appeal, which has been perceived positively by the market.</p> 
<p>Ripple’s CEO, Brad Garlinghouse, along with the broader investor community, views this as a favorable outcome, contributing to the growing optimism surrounding XRP.</p> 
<h2 class="wp-block-heading" id="h-rising-interest-in-xrp-futures">Rising Interest in XRP Futures</h2> 
<p>Another factor contributing to XRP’s price increase is the growing interest in XRP futures. Data from <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="noreferrer noopener nofollow">CoinGlass shows</a> that the Open Interest (OI) in XRP on exchanges has risen from $610.95 million to $693.44 million.&nbsp;</p> 
<p>This increase in OI indicates that new money is entering the market and that there is renewed buying activity, further boosting XRP’s price.</p> 
<h2 class="wp-block-heading" id="h-bullish-technical-indicators">Bullish Technical Indicators</h2> 
<p>XRP’s recent rally is further supported by promising technical signals, such as the formation of a “Golden Cross” on its price chart. This occurs when the 50-day moving average crosses above the 200-day moving average, a pattern often interpreted as a sign that the uptrend could continue.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> has hit the Golden Cross. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/tf2BCT3Tdt">pic.twitter.com/tf2BCT3Tdt</a></p>— Levi | Crypto Crusaders (@LeviRietveld) <a href="https://twitter.com/LeviRietveld/status/1825593574504935488?ref_src=twsrc%5Etfw">August 19, 2024</a>
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<p>Looking forward, XRP may face resistance at the $0.64 level, but if it manages to break through, the next target could be $0.69. Currently trading at $0.61 with a 6.4% increase, XRP boasts a market cap of $34.3 billion, positioning it as one of the standout performers in the crypto market.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/crypto-market-on-high-alert-how-japans-yen-could-rattle-bitcoin-price/" target="_blank" rel="noreferrer noopener">Crypto Market on High Alert : How Japan’s Yen Could Rattle Bitcoin Price</a></p>

Top Reasons Why XRP Price Is Up Today

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