After trading in a consolidated range for two weeks, XRP has successfully geared up its price rally.
The Fed’s recent interest hike of 75 basis point on November 2 kept XRP in a range-bound area as it has brought negative sentiments to the crypto market.
However, the native token of Ripple Labs is witnessing bullish surges in the price chart as Ripple is almost on the verge towards its historical winning against the Security and Exchanges Commission (SEC).
XRP Transaction Spikes Amid Ripple’s Winning!
The prolonged fight between the SEC and Ripple Labs is almost at the finish line as the payment giant is now backed by several firms to prove SEC’s claim on XRP is wrong.
According to Ripple’s CEO Brad Garlinghouse, twelve amicus briefs have been filed by multiple crypto exchanges, developers and individual entities supporting Ripple in the lawsuit.
Moreover, the XRP token transaction also spikes amid positive news from the lawsuit. According to Whale Alert, there are several huge transactions recorded today, amounting to 300 million XRP tokens.
The transactions were mainly between several crypto firms which are partnered with Ripple, including Bitstamp, Bittrex, BitGo and CoinsPh.
XRP’s market cap dominance is also on an upward rally as it initiated a fresh surge today and is trading at 2.47%.
According to on-chain analysis, if XRP’s market cap dominance increases by 20%, it can witness a massive bullish rally as it can surpass $13.28 with a 50 billion circulating supply.
XRP Price Prepares For A Strategic Game Plan
Since September 22, Ripple’s native token XRP has been holding its price above its crucial support level of $0.449 as bulls continue to create buying pressure.
Looking at the daily price chart, XRP managed to overcome several hurdles as it made a breakout above its fundamental resistance level of $0.4854. The altcoin is currently making a long bullish candle as it is showing no sign of trading downside.
A force of further buying pressure may take XRP on a 55% upward rally from its current level as investors are constantly accumulating XRP to their portfolios in the dip.
The RSI-14 indicator is trading in a bullish region at the level of 60, supporting the current positive momentum of XRP.
XRP has also broken its EMA-100 and EMA-200 trend lines and is currently hovering around the SMA-100 on the 4-hour price chart.
XRP is near its 61.8% Fib retracement level from its Bollinger band’s upper limit of $0.548. A successful breakout above $0.55 will take XRP to new highs, as it can trade above $0.68.
However, the above bullish analysis may get rejected if XRP faces rejection at $0.5 and falls below its Bollinger band’s lower limit at $0.43, where EMA-100 is trading. If the support level breaks, XRP may head towards the bottom of $0.35.