Over the past seven trading days, Ripple has seen a steady climb. It’s up more than 12.50%. This is despite the ongoing SEC case and overall bearish sentiments in the market.
The bulls are edging towards breaking the $0.50 resistance, but have kept XRP above $0.48. XRP had a rough start Wednesday with a price drop below $0.44. The currency gained momentum rapidly the next day. It saw over 13% gain before trading closed.
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Ripple Announces Its Top Month in 2022
Ripple’s September performance was excellent, as the company closed the most successful month of 2017 since January. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. But it failed to surpass that resistance level.
The resistance is made up of both the red horizontal barrier and the yellow rising line. A weekly candle of red is possible after several green candles.
XRP retested the $0.56 level again on the 29th but couldn’t sustain it. Finally, it closed the month at a $0.49 record. Once the asset’s price breaks below $0.56, upward momentum can be expected. If the price drops below $0.4, we might be able to see it soon. Source: XRPUSD price chart from TradingView.com
XRP holds its end against BTC
XRP’s over 12% weekly gain isn’t the only thing that caught our attention. It also held up against Bitcoin (BTC). While the USD/XRP exchange rate fell 0.5%, BTC is currently up 1.5% to 3.3%. The XRP value has increased 50% over the last three weeks, compared to Bitcoin. This brings XRP to levels that have not been seen since 2021’s summer.
There may be several reasons for the XRP price fluctuation. The primary factor behind XRP price movement is, of course, SEC’s legal battle with RippleXRP will be recognized as a security by. While recent developments seem to be favoring Ripple over XRP, it is yet too early to make a definitive decision.
Another, more obscure explanation is possible today’s announcementInformation about SWIFT and CBDC testing. SWIFT has successfully evaluated several CBDC-based technologies. The experiments were conducted by financial institutions in France and Germany. The experiment included the use of CBDC around the world and its conversion to fiat, if necessary.
Ripple currently trades at $0.4928. It is expected to test the $0.50 resistance level. This uptrend will continue as long as sellers outnumber buyers. Bears could enter if the price hits $0.44.
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Buyers are committed to taking XRP more than $0.50 and $0.55 each week. This is evident by the 12% weekly gains. This goal will allow the token to reach $0.70 very soon.
Featured image taken from Pixabay. Chart from TradingView.com