As the overall market conditions got significantly bullish today, XRP broke out from the falling channel pattern.
As the overall market conditions are getting significantly bullish, with Bitcoin crossing above $50,000, altcoins, including XRP, are riding on the trend.
XRP’s Legal Tussle and Price Dynamics
XRP has recently garnered attention due to the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). Crypto lawyer James Murphy predicts a potential settlement in the SEC vs Ripple lawsuit could be on the horizon, especially with 2024 being an election year and the possibility of new SEC management. This anticipation has contributed to XRP’s price climbing to $0.53, marking nearly a 5% weekly gain for holders.
As seen in the XRP/USDT chart, XRP has been facing a downtrend for the past couple of days, starting from the price level of $0.535 and dragging it down to the support level of $0.515. However, as the overall market conditions got significantly bullish today, XRP broke out from the falling channel pattern. The current price action suggests that XRP is looking to form support around around $0.527.
— Whale Alert (@whale_alert) February 11, 2024
Besides the bullish move of XRP, Ripple, the company behind the cryptocurrency, made a significant transaction yesterday. According to a tweet from WhaleAlert, XRP tokens worth $52.6 million were transferred from an unknown wallet to Ripple. Just before this flood, Ripple made another large transfer, sending 80 million XRP, valued slightly more than $42 million, to an unknown wallet.
Shiba Inu’s Rally Pauses
Shiba Inu (SHIB) has seen its uptrend halted despite overall market conditions getting significantly bullish. Positioned between the 100 and 50 Exponential Moving Averages (EMAs) on the daily chart, SHIB’s price action suggests a potential consolidation phase before determining its next direction. If SHIB can surpass the resistance at the 50-day EMA and maintain above this level, it could signal renewed investor confidence, potentially leading to a push toward the next resistance at $0.000010.
Bitcoin’s Bullish Surge
Bitcoin is making headlines by surging past the crucial psychological mark of $50,000, suggesting a strong bullish sentiment in the market. However, this breach also introduces the possibility of a forthcoming correction or consolidation before further gains. The next significant resistance level for BTC is around the $51,000 mark. A move above this threshold could solidify Bitcoin’s bullish position and invite a fresh wave of momentum. On the contrary, a price correction momentum would be expected to face support around $49,500 in a shorter timeframe.
The crypto market remains vibrant, with XRP’s legal developments and broader market rally. Some analysts are even predicting more upside for XRP, which can last up to one to four weeks.