bullish

Bank

Gains

The XRP price is trending all over the crypto space, as the asset popped off after Tuesday’s London session and is up 8% at the time of writing. The rise in the price of XRP may be attributed to the SEC retracting its request to the court to classify a handful of cryptocurrencies as securities in its case against Binance. Furthermore, comments from pro-XRP counsel Fred Rispoli have fueled speculation that the August 1 SEC closed-door meeting may result in a settlement of the Ripple lawsuit.&nbsp; 
<h2 id="ripple-lawsuit-likely-to-conclude">Ripple Lawsuit Likely To Conclude</h2> 
Speculation about the conclusion of the Ripple-SEC lawsuit flooded the crypto space following the scheduled SEC closed-door meeting on August 1. Much of the speculation stems from pro-XRP lawyer <a rel="nofollow" href="https://www.youtube.com/watch?v=MHM-86D487E">Fred Rispoli</a>, who expects Judge Torres to rule on remedies possibly by July 31.&nbsp; 
Additionally, Russia passed a bill to allow international payments with cryptocurrency, a significant move for the XRP price because Russia is a member of the BRICS alliance. This ties in with XRP because <a rel="nofollow" href="https://ripple.com/ripple-press/ripple-joins-fenasbacs-next-accelerator-to-advance-blockchain-innovation/">Ripple</a> recently collaborated with the National Federation of Associations of Central Bank Servers (FENASBAC) in Brazil, a member of BRICS. 
Consequently, the <a href="https://coingape.com/price/xrp">price of XRP</a> hovered around $0.6415 during U.S. market hours on Wednesday, a 7.3% increase over the last 24 hours. The recent rise in XRP has resulted in a breakout that may catapult the asset beyond its previous all-time high. 
<h2 id="xrp-price-prepares-for-further-gains">XRP Price Prepares For Further Gains</h2> 
The current trend for the XRP price is upward. The price action is trending above both the 50-day (green line) and 200-day (black line) Exponential Moving Averages (<a href="https://coingape.com/education/simple-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>), indicating bullish momentum. A golden cross, where the 50 EMA crosses above the 200 EMA, can be seen on the daily time frame, indicating that <a href="https://coingape.com/xrp-jumps-9-as-odds-of-ripple-sec-lawsuit-settlement-increases/">XRP</a> is entering a period of strong bullish momentum. 
The immediate resistance level is around $0.74, which coincides with the previous high. If the price of XRP breaks above this level, the next price target is $0.93. Conversely, a rejection from the current resistance level may push XRP to lower support levels around $0.55 and $0.54, which align with the recent breakout zone and the 50-day EMA, respectively.&nbsp; 
The recent candlestick formation shows price breaking out from a bullish pennant chart market structure, which signals an uptrend continuation following a period of consolidation. The price target for the bullish pennant breakout sets the XRP price around $0.84. 
Technical indicators support a bullish trend. The RSI is currently at 70.14, indicating that XRP is entering overbought territory. This suggests a pullback or consolidation might occur before further upward movement. The CMF is at 0.22, indicating positive money flow and strong buying pressure. 
<figure id="attachment_210244" aria-describedby="caption-attachment-210244" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210244" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10.jpeg" alt="XRP Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-11.23.10-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-210244" class="wp-caption-text">
 XRP Price Chart
 </figcaption>
</figure> 
Despite the bullish sentiment, there is some hint of bearish volume-price divergence on the daily timeframe. This suggests a correction may be due in the short term before the price moves higher. 
The post <a href="https://coingape.com/markets/why-is-xrp-price-rallying-today/">Why is XRP Price Rallying Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why is XRP Price Rallying Today?

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