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XRP continues its positive move, adding over 11% in a week

Ripple (XRP) is steadily rising, gaining over 12.50% over the past seven days. This is despite ongoing litigation with the SEC, coupled with overall bearish market sentiment.

The bulls have successfully held the XRP token above $0.48 and are about to break the $0.50 resistance. XRP got off to a shaky start last Wednesday, breaking below the low of $0.44. However, the coin quickly picked up momentum the next day, adding over 13% in gains by the end of the trading day.

Related reading: Low-volatility crypto markets supply a surprisingly stable state of fear

Ripple Concludes Best Month of 2022

September was a good month for Ripple as it capped off its best month since the start of the year. Last week, the price of XRP on the weekly chart approached a significant resistance level of $0.56. However, it was not possible to break through that level.

This resistance is a combination of a rising yellow line and a horizontal barrier displayed in red. By the way, a weekly red candle followed by several consecutive green candles is by no means unusual.

XRP tested the $0.56 levels again on the 29th but failed to sustain it. It ended the month at a high of $0.49. Upward momentum is expected once the asset price breaks and sustains a close above $0.56. Unless it breaks below the $0.4 support level, we might see this soon.

The price of XRP is currently trading at $0.4929. | | Source: XRPUSD price chart on TradingView.com

XRP Meets Its End Against BTC

It wasn’t just that XRP was gaining more than 12% weekly gains. This asset has also come to an end against Bitcoin (BTC). The XRP/USD exchange rate is down 0.5%, but is up 1.5% to 3% against BTC. Compared to Bitcoin, XRP’s price has increased by more than 50% over the past three weeks. This brings XRP to levels not seen since the summer of 2021.

XRP price fluctuations can have several causes.Of course, the main driving force is SEC legal battle with Ripple, trying to recognize XRP as security. Recent events seem to favor XRP and Ripple, but the final verdict is still out.

A second, less obvious explanation is that today’s announcement About SWIFT and CBDC tests. SWIFT has successfully tested several technologies using CBDC. French and German financial institutions participated in the experiment, including central banks and private counterparts. They used his CBDC all over the world and considered converting it to fiat currency when needed.

After Ripple

Ripple is currently trading at $0.4928 and will retest the $0.50 resistance floor. This uptrend is likely to continue as long as buyers outpace sellers. However, if the price hits his $0.44 critical level, bears could emerge as on Sept. 23.

Related reading: XRP price could get a 23% boost from this bullish formation breakout

The 12% weekly gain shows that buyers are intent on winning XRP above $0.50 and $0.55. Achieving this goal paves the way for tokens to reach $0.70 very soon.

Featured image from Pixabay and chart from TradingView.com

XRP continues its positive move, adding over 11% in a week

Source link XRP continues its positive move, adding over 11% in a week

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