Bitcoin and Ethereum, which are large market capitalization assets, remained stable, while altcoins such as XRP posted double-digit gains overnight. According to crypto experts, Bitcoin’s growing dominance indicates that the “popcorn effect” is imminent and gains will continue to trickle down to XRP. The 20% upside rally in XRP was mainly attributed to the potential resolution of the lawsuit filed against Ripple by the SEC in December 2020, which is expected to conclude in the first half of 2023.
XRP attracts the attention of the Altcoin market
Today’s crypto rally was led by Ripple as XRP enthusiasts bought the cryptocurrency in anticipation of a verdict in the ongoing legal case between the Ripple company and the SEC. If Ripple emerges victorious, it could set a crucial precedent for the entire cryptocurrency industry.
In the past 24 hours, the XRP token has jumped 22.4%, reaching price levels not seen in months and standing out as the best performing cryptocurrency in the top 10.
According to data from CoinGlass, liquidations over the past 24 hours totaled $16.69 million, with the majority of the losses ($12.48 million) coming from short positions, indicating that the bears have been hit the hardest. .
Following the surge in XRP trading activity, Binance declared the expansion of its range of XRP-focused investment products. As part of this announcement, all Binance users will be able to access weekly options contracts for XRP/USDT.
It should be noted that Binance introduced new investment options for XRP just a day after the token posted the strongest price movement among major cryptocurrencies. Yesterday, XRP jumped over 30% and hit a four-month high of $0.493 per token, marking the end of a period of consolidation that has been ongoing since November 2022.
What awaits the XRP price next?
Over the previous week, XRP established a support level above $0.35 and gradually started breaking above the $0.37 resistance zone.
Eventually, the buyers were able to overcome a significant hurdle near the $0.4 level. Additionally, a contraction triangle with resistance near $0.398 was broken, causing the token to rise by 25%, and the resistance level of $0.45 was clearly breached.
Right now, the price of XRP is trading at $0.45, with a gain of nearly 5% in the last 24 hours. Analyzing the daily price chart, the XRP token is currently experiencing a downward correction after being rejected near $0.5. As a result, XRP is expected to drop to $0.42 in the support region, from which a further increase is expected to $0.585.