By: Isha Das
After the SEC dropped its case against Ripple's executives, XRP rallied, registering a 6.5% single-day rise and a move beyond the $0.50 resistance level. This marked the highest single-day percentage rise since July 13. XRP's strong bullish trend was also reflected in the breach of a major bearish trend line with resistance near $0.4885 on the 4-hour chart.
An additional break occurred above the 50% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low, further indicating the cryptocurrency's upward trajectory. Currently, XRP is now trading above $0.505 and the 100 simple moving average (4 hours). This positive development is also aiding Bitcoin, Ethereum, Solana, and other cryptocurrencies in moving higher.
Immediate upside resistance for XRP remains near the $0.524 level or the 61.8% Fib retracement level of the decline from the $0.5510 swing high to the $0.4730 low. A close above the $0.532 resistance level could potentially drive the price toward the $0.550 resistance level. Should the bulls remain dominant above the $0.550 resistance level, XRP could drift towards the $0.565 resistance level, with any further surges potentially positioning it towards the $0.585 resistance boundary.
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