XRP price bullish momentum continues to build, marking the first time the token has crossed the $3 threshold since 2018.
At press time, XRP’s price surge has reached $3.13, reflecting a remarkable 9% gain in the past 24 hours alone. This surge defies market expectations, especially given the SEC’s latest move in its long-standing legal battle against Ripple Labs.
SEC’s Appeal Fails to Dampen XRP’s Momentum
The SEC filed its formal opening brief on Wednesday, seeking to challenge the earlier court decision in favor of Ripple Labs.
However, this regulatory action has not disrupted XRP price surge, as the token continues to attract strong buying pressure.
Notably, XRP’s Chaikin Money Flow (CMF) indicator has risen to 0.20, highlighting the steady inflow of capital. This metric measures buying and selling pressure based on price and volume, and a positive CMF during a price surgeindicates that substantial demand supports the rally.
Market analyst Michaël van de Poppe commented on the situation:
“The resilience of XRP amid the SEC’s continued legal pressure demonstrates the market’s growing confidence in Ripple’s fundamentals.”
Technical Indicators Support Bullish Sentiment
Several technical indicators further validate the ongoing XRP’s price surge. The Awesome Oscillator (AO), a momentum indicator comparing short- and long-term price averages, currently displays a green histogram bar with a positive reading of 0.33, signaling increasing bullish strength.
Additionally, XRP price surge aligns with growing trading volumes across major exchanges, further reinforcing the upward momentum.
Crypto trader Ali Martinez remarked:
“The technicals are aligning perfectly with market behavior. As long as XRP holds above $3, a continuation toward its all-time high could be on the horizon.”
The last time XRP surged above $3 was in January 2018, when the token reached its all-time high of $3.28. This historical peak has now become a significant psychological resistance level as the current XRP price surge gains steam.
Should the bullish momentum persist, XRP price surge could test this resistance soon. Analysts are closely watching the $3.28 mark, as a breakout above it might pave the way for new record highs.
Key Factors Driving the XRP Price Surge
Several factors have fueled the ongoing XRP price surge:
SEC’s Legal Setback: Ripple’s partial legal victory has bolstered investor sentiment despite the SEC’s continued appeal efforts. Increased On-Chain Activity: Rising CMF and AO readings suggest strong market accumulation.
Growing Adoption: Ripple’s partnerships for cross-border payments continue to boost the utility of XRP, enhancing its market demand.
Market Momentum: The broader crypto market’s recovery trend has also contributed to XRP price surge.
Blockchain researcher Lark Davis highlighted:
“Ripple’s expanding partnerships and positive regulatory developments are creating a perfect storm for XRP’s bullish run.”
While XRP’s price surge remains impressive, market analysts caution that volatility could still impact short-term movements, particularly given the ongoing legal uncertainty surrounding Ripple’s case.
However, if the bullish technical indicators hold and investor confidence persists, XRP price surge could target the $3.28 all-time high and potentially surpass it in the coming weeks.
A Historic XRP Price Surge in Motion
The XRP’s price surge has shattered expectations, maintaining strength above $3 despite regulatory pressure from the SEC. This bullish momentum, backed by technical indicators and strong accumulation, suggests that XRP price surge could be far from over.
As market participants closely monitor resistance levels, the possibility of a new all-time high remains within reach.
Stay tuned as the XRP price surge continues to captivate the crypto community. Stay updated with the latest developments in the cryptocurrency industry through The BIT Gazette
