Ripple (XRP) Continues Positive Moves, Added Over 12% In A Week
October 05 2022 - 8:51PM
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Ripple (XRP) has been steadily climbing, adding over 12.50% in the
past seven days. This is despite its ongoing case with the SEC
coupled with the overall bearish market sentiments. The bulls
have managed to keep the XRP token flying high above $0.48 and are
edging to break through its $0.50 resistance. XRP experienced a
rocky start last week Wednesday, falling below its $0.44 floor
price. However, the coin quickly gained momentum the next day,
adding over 13% gains before the end of the trading day. Related
Reading: Low Volatility Crypto Market Supplies Surprisingly Stable
State Of Fear Ripple Closed Its Best Month In 2022 September was a
good month for Ripple as it closed out the best month since the
beginning of the year. In the previous week, XRP’s price on the
weekly chart approached a significant resistance level at $0.56.
However, it was unsuccessful in breaking through that level.
This resistance is a combination of the yellow rising line and the
horizontal barrier seen in red. By the way, a weekly red candle
following several consecutive green candles is not uncommon by any
means. XRP retested the $0.56 level again on the 29th but
couldn’t sustain it. It finally closed the month with a $0.49 high.
Upward momentum is anticipated once the price of the asset breaks
and sustains a closing above $0.56. We might see this soon
enough unless it drops below the $0.4 support level. XRP
Holds Its End Against BTC XRP’s over 12% weekly gain isn’t the only
thing that caught our attention. The asset also held its end
against Bitcoin (BTC). Although the XRP/USD exchange rate is down
0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin,
the XRP price has increased by more than 50% over the previous
three weeks. This puts XRP at levels not seen since the summer of
2021. XRP price movement might have several causes. Of course, the
primary driver is the SEC’s legal battle with Ripple, which seeks
to recognize XRP as a security. Recent events seem to favor XRP and
Ripple, but the final verdict is not yet out. The second, less
obvious explanation may be today’s announcement about SWIFT and
CBDC tests. SWIFT successfully tested several technologies with
CBDC. Financial institutions from France and Germany, including
their central banks and commercial counterparts, participated in
the experiments. They explored using CBDC worldwide and converting
it to fiat if needed. What Next For Ripple Ripple is currently
trading at $0.4928 and is set to retest the $0.50 resistance floor.
As long as buyers outnumber sellers, this uptrend is likely to
continue. However, if the price reaches a critical level of $0.44,
bears may come in as they did on September 23. Related Reading: XRP
Price Could Get A 23% Boost From This Bullish Formation Breakout
The 12% weekly gain demonstrates that buyers are dedicated to
taking XRP over $0.50 and $0.55. Achieving this goal will pave the
way for the token to go to $0.70 soon. Featured image from Pixabay
and chart from TradingView.com
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