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Highlights
- XRP finally managed to break back into the US$1 mark following a rally witnessed by the altcoins.
- On Thursday, XRP was trading at US$0.981338 with a 24-hour trading volume of US$4,145,673,794.
Rising like a phoenix after seeing three weeks of bearish phase, the XRP token is once again signalling a rally on Thursday. XRP has had a torrid time of late, not just due to the market performance, but also driven largely with speculations that Securities and Exchange Commission could perhaps rule against the XRP. However, on Thursday 23 December, the market signalled a hint of altcoin rally pushing the XRP price over US$1.
XRP had last crossed US$1 on 1 December, and since then it has struggled to reach to the mark. But the recent altcoins surge has revived the interest in the token with several XRP market participants placing long-term bet on XRP coming on top in 2022.
The rally for XRP also comes amid the recent news which suggest that the 6th-ranked token could come out on top. The reason for such optimism comes from the fact following allegations from the Empower Oversight, a non-profit government watchdog group, which accused SEC of bias against Ripple.
On Thursday, XRP was trading at US$0.981338 with a 24-hour trading volume of US$4,145,673,794. At the time of drafting XRP is up 2.51% in the last 24 hours with a live market cap of US$46,365,543,456. XRP has been up throughout the week and today’s performance has capped off a brilliant week capping with 3.99% gains.
Image source: Trading view
The Moving Average Convergence Divergence (MACD) chart here indicates that the trend line has created significant gap between the signal line, which is represented in red. The gap comes largely due to the price rally as well as due to volume gains that the token has made of late. In fact, on Thursday, XRP’s rally in the volume too was prevalent as it spiked by 19%.
Even the RSI (relative strength index) indicates that the worm has climbed out of the hole and is placed at 59.00.
Eyes on future
SEC has been under the ire for not declaring the conflict of interest in XRP as a security and for not acting against the largest altcoin Ethereum. The non-profit government watchdog group in a press release had urged for a set of Freedom of Information Act (FOIA) documents about its conflicts of interest.
If the allegations or suggestions are found to be true, then it could be a massive win against the regulators as the judge could force SEC to drop the charges against XRP.
Only time will tell as to which of the two parties will come on top, how it would affect XRP in 2022 and beyond.
