Coinpedia - 9/19/2023 5:04:54 AM - GMT (+0 )
XRP Price has experienced a resurgence, climbing back above the 50-cent mark within the past 24 hours, trading at approximately $0.5078 during the early Asian market hours on Tuesday. This resurgence has sparked optimism for a new bullish momentum, despite a recent correction that erased the gains made following the July summary judgment. While there has been a prevailing short-term bearish outlook, the sustained interest in digital assets by both institutional investors and retail traders, driven by concerns about high inflation and interest rates, has effectively prevented a crypto market downturn.
Crypto analyst Crypto Kaleo, a prominent figure in the digital asset space, suggests that XRP’s price is poised for a rebound, having established a robust support level of around 49 cents. The analyst contends that both XRP’s USD and Bitcoin pairs have broken free from a logarithmic descending trend and appear ready to rally on higher timeframes. Furthermore, He anticipates that a denial of the SEC’s interlocutory appeal against the summary judgment will serve as a catalyst for a significant bullish trend in both XRP’s USD and Bitcoin pairs.
Taking a broader perspective, XRP’s price is also benefiting from the decreasing dominance of Bitcoin, which has been on a downward trajectory since reaching its peak earlier this year in June. Additionally, it’s worth noting that crypto funds often shift from Bitcoin to top-performing altcoins as investors seek lucrative trading opportunities.
In the bigger picture, Ripple continues to actively develop infrastructure for mainstream adoption of XRP. The company has recently made several acquisitions and entered partnerships with various financial institutions to facilitate seamless cross-border transactions through XRP. Consequently, XRP’s price is anticipated to be among the leading performers in the eagerly anticipated crypto bull market.