- XRP surged by nearly 100% following a recent ruling stating it is not a security, with its momentum breaking a six-year resistance line.
- The high timeframe breakout could indicate potential further growth for XRP, as it currently trades around 84 cents on the dollar.
A New Era for XRP
In a noteworthy turn of events, Ripple’s XRP soared almost 100% last week. The catalyst? A definitive ruling that cleared XRP from being classified as a security. Today, this digital currency continues its ascent, up by 8% and effectively shattering a six-year resistance line on the quarterly Relative Strength Index (RSI).
As the cryptocurrency market begins to shift, XRP emerges as a beacon of hope, invigorated by last week’s court ruling. A U.S. judge decided retail sales of XRP did not equate to the sales of unregistered securities, a charge previously levied by the U.S. Securities and Exchange Commission (SEC). This verdict has not only bolstered XRP but also breathed new life into several altcoins like Solana and Polygon, each witnessing an increase of 20-30% in price post-ruling.
The Ripple Effect: XRP’s Significant Rally
But none rallied as fiercely as Ripple’s XRP. The price of this digital coin doubled almost instantaneously following the announcement, later stabilizing at around 75 cents per XRP. Today, XRP trades at nearly nine cents more, solidifying its position at roughly 84 cents on the dollar.
The monumental leap in XRP’s value led to a significant upsurge in long-term momentum, as shown by the quarterly Relative Strength Index (RSI). With a formidable six-year-long downtrend resistance trend line on the RSI now breached, it indicates potentially clear skies for this cryptocurrency.
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RSI, particularly on high timeframes like the three-month candle, is a potent signal, implying substantial strength and buying pressure. Such dominant signals can override any daily or weekly signals.
For XRP to continue its stellar climb, it needs to surpass the 2020 and 2021 highs on the 3-month RSI. Achieving a higher high on the RSI, especially after touching oversold conditions, often acts as a strong buy signal.
As it stands, the stage is set for an intriguing narrative to unfold. The critical question is, will XRP seize this momentum to write a new chapter in its journey?
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