Is XRP’s Recent 20% Surge a Sign of a Bull Rally?

• XRP rebounds hit 22-day high after 16-month low.
• Ripple lawsuit speculation impacts future price movements.

While the past weeks have been a bearish ride for altcoins, with many hitting yearly lows, XRP also faced a significant drop, reaching a 16-month low of $0.3823 a week ago. However, XRP has shown steady growth, breaking free from the bearish trend and reaching a 22-day high of $0.5021, making it the top gainer over the past 48 hours.

Currently, XRP is trading at $0.5006, up 11% in the past 24 hours, with trading volume increasing by 58% over the same period.

Moreover, whale movements have also garnered attention, as 68 million XRP were moved to two centralized exchanges two days back, despite which the token noted gains. 

This activity, emerging amid the impending Ripple lawsuit’s conclusion, has spurred speculation about future price movements, helping the bulls to overcome existing pressure.

While some analysts foresee an imminent bull rally, others find it difficult to predict due to the uncertainty surrounding the Ripple vs SEC lawsuit. The market participants closely monitor on-chain movements, as prices could shift significantly.

XRP To Hit New Highs?

Analyzing XRP’s trajectory, it is trading below the critical support level of $65,800, now below $64,000. Falling beneath this threshold suggests a potential 8%-12% correction towards $60,000. The daily RSI suggests that it faces selling pressure.

XRP Price Chart, Source: TradingView

For XRP bulls, sustaining momentum is crucial. The next significant milestone lies at the $66,524 mark, with $69,904 also in sight if the upward trend continues.

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