There has been an uptick in supportive comments from the XRP community as Ripple’s case drags on. Recently, there have been rumors that have not yet been confirmed about the resolution between Ripple and the U.S. Securities and Exchange Commission. In the past 24 hours, the price of XRP has grown by more than one-fifth as a result of the rumors.
The sudden rally can be attributed to the circulating rumors about the resolution. The CEO of financial technology company Ripple Labs reassured investors that Ripple is still robust despite its exposure to the failure of the Silicon Valley Bank, even though the market is still reacting to the rumors. According to CoinMarketCap, the market capitalization of XRP as of this writing is $22.67 billion, an increase of nearly $2.8 billion over the previous day.
Key XRP Levels To Watch – March 22
Before the current upward trend, the overall market trend was bearish. The rebuff at the psychological level of $0.3000 marked the end of the downward trend. Following the rebuff, the price surged upward as the Moving Average signaled a buy.
According to the Moving Average Convergence Divergence (MACD), XRPUSD has been bullish since January 2023. The bullish trend was confirmed after the Change of Character (CHOCH), as the price filled the buy orders at the discount before the aggressive rally.
XRP Key Levels
Resistance Levels: $0.5600, $0.5100, $0.0.4330
Support Levels: $0.3000, $0.2400, $0.2000
Total Market Capitalization: $1.18T
XRP Market Capitalization: $22.67B
XRP Volume: $5.00B
Market Rank: #6
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