XRP Price Prediction as Trading Volume Surges 120%, SEC Responds to Ripple Lawsuit, Analysts Say This Cryptocurrency Could Explode

adminMay 7, 2024

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XRP price has surged 5.6% in the last 24 hours. Trade for $0.55 As of 7:30 a.m. EST, trading volume had increased 120% to $1.6 billion.

This comes as the Securities and Exchange Commission submitted its final response in the relief phase of its ongoing legal dispute with Ripple Labs..

XRP Price Bullish Preparing for Another Bull Rally

The XRP price has been hovering around $0.56, a respectable level for the coin over the past five days. Additionally, the price shows a downward trend from the high of $0.74 as the struggle between bulls and bears to control the price leads to the formation of a descending wedge pattern that signals a bullish trend reversal.

XRP price

XRPSUSDT analysis. Source: Tradingview.com

Price indicators are showing positive signals as the price is currently below the 50-day and 200-day simple moving averages. Further upside could confirm the expected rally above the 200 SMA and the upper trend line of the descending wedge.

Additionally, the relative strength index (RSI) rebounded from the oversold level of 30 to the mid-line level of 50, indicating strong buying pressure. If momentum continues to increase, RSI may enter overbought territory.

The green bar of the Moving Average Convergence Divergence (MACD) indicator and its recent crossover above the signal line are strengthening confidence in the XRP price increase.

XRP price may begin a bull rally above a descending wedge pattern.

XRP price is headed for a huge rally. The presence of a falling wedge promotes bullish momentum, pushing the price to new highs of $0.8329.

However, if the downtrend resumes, the price may fall back to $0.50 within the wedge. Additional downward pressure could lead to a retracement towards the wedge trend line at $0.4359.

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