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The XRP price surged 11% in the last 24 hours to trade at $2.7998 as of 11:19 p.m. EST on trading volume that surged 9% to $9.8 billion.
This surge follows criticism from Ripple executives over the SEC’s refusal to postpone its appeal filing in the ongoing legal battle against the blockchain company, despite the impending resignation of Chair Gary Gensler on Jan. 20.
Ripple’s chief legal officer, Stuart Alderoty, labeled the decision a “waste of time and taxpayer dollars” but expressed confidence in their position on appeal.
On January 20, Gensler’s war on crypto ends at the SEC. We asked the SEC to agree to postpone the filing of their opening brief in their appeal of our victory (current deadline Jan 15) – and they refused. What a waste of time and taxpayer dollars!
Nevertheless, we are confident…
— Stuart Alderoty (@s_alderoty) January 14, 2025
The case, initiated in 2020, centers on claims that Ripple used XRP as an unregistered security. CEO Brad Garlinghouse hinted at a potential shift in the SEC’s crypto enforcement strategy under new leadership, with former commissioner Paul Atkins being considered as Gensler’s successor.
XRP Price Aims For A Breakout
The XRP price has shown significant bullish momentum over the last few months. A strong uptrend can be observed, characterized by the marked surge from below $0.60 to near $3.00 in a short period.
XRP recently broke out of a consolidation zone around $2.00-$2.74, signifying renewed bullish interest.
The current XRP price of $2.7998 is flirting with the key psychological resistance level of $3.00, a point where buyers and sellers may face off heavily, according to data from GeckoTerminal.
The Ripple token price is also supported by the 50-day Simple Moving Average (SMA) at $2.3152, which has acted as dynamic support during minor pullbacks. This indicates that buyers are stepping in on dips, reinforcing the bullish structure.
Furthermore, the 200-day SMA rage at $1.036 is trending upwards but remains far below the price, underscoring the strong long-term bullish trend.
Moreover, the Relative Strength Index (RSI) is currently at 67.70, approaching the overbought territory. This suggests strong bullish momentum but warns of a potential short-term correction if overbought conditions persist.
However, as the RSI is not yet overextended, the price of XRP still has room to climb further.
The Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange), with both lines in positive territory.
This indicates bullish momentum remains intact. The widening gap between the MACD and signal lines supports the idea of further upward movement.
Ripple Token To Sustain Its Bullish Trajectory
The Ripple token price is likely to continue its bullish trajectory in the short term, especially if it can break and hold above the $3.00 resistance level.
A successful breakout would open the door for a move towards $3.50 or even $4.00 in the coming weeks
Conversely, if a correction occurs, the price of XRP could be limited to the $2.50-$2.00 support zone, where buyers could re-enter the market, providing another opportunity for upward continuation. The 50-day moving average at $2.3152 will be a key level to watch in this scenario.
As the XRP price surges, investors are also rushing to buy Best Wallet (BEST), which Crypto Gains, a YouTuber with more than 144K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Surges Past $7 Million Milestone
If you’re seeking a comprehensive cryptocurrency platform for buying, selling, trading, swapping, and storing your digital assets, the Best Wallet (BEST) app could be an excellent choice.
Best Wallet boasts enhanced transactional capabilities, integrating over 200 decentralized protocols and 20 cross-chain bridges. With over 100,000 monthly users and strong security, Best Wallet continues to bolster its credibility.
Join Best Wallet and gain all the tools you need to stay ahead. 💎
With features like exclusive access to Upcoming Tokens and rewards for early adopters, it’s no surprise we’re the fastest-growing crypto wallet.
Download now 📲 https://t.co/he5kzra7TY pic.twitter.com/xf2pY03CZw
— Best Wallet (@BestWalletHQ) December 16, 2024
Thanks to Alchemy Pay and MoonPay partnerships, users can easily swap their holdings for 100 fiat currencies, with funds directly deposited into their bank accounts.
One of its standout features is the “Upcoming Tokens” section, which flags the most promising new cryptocurrency presales for users. This enables traders to explore whitepapers, purchase tokens, and track updates. With an already stellar track record, it continues to gain attention.
The screener has made successful calls for tokens that include Pepe Unchained ($PEPU) and Catslap ($SLAP), both of which soared after launch.
💎 What can holding $BEST unlock for you? 💎$BEST isn’t just a token—it’s your key to maximising everything Best Wallet has to offer:
✔️ Get early access to new projects
✔️ Reduced transaction fees
✔️ Enjoy higher staking rewards
✔️ Exclusive token airdropsDownload Now 📲… pic.twitter.com/JpnCMgWQjc
— Best Wallet (@BestWalletHQ) December 23, 2024
The wallet also enables users to stake their BEST tokens for a huge 263% annual return.
The $BEST token presale has already raised over $7.1 million, showcasing the immense demand for the platform.
You can get into the project early by buying the $BEST Token today for just $0.0236. Interested investors should secure tokens before the next price increase in less than 20 hours.
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Best Wallet - Manage Your Crypto
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