Written by Hazel J. Greene, Senior Analyst

In a bold move, XRP soared by nearly 100% last week and continues to rise by 8% today. The catalyst behind this remarkable surge was the announcement from a US judge, who ruled that XRP does not fall under the category of unregistered securities. As a result, sentiment across the cryptocurrency market has started to shift, offering hope for investors who were previously uncertain about the future of XRP and other altcoins. In this blog post, we will explore the implications of this ruling and analyze the potential for further upside in XRP’s value.

The recent ruling on the XRP case has lifted the dark cloud of uncertainty from the cryptocurrency market. Not only did the judge’s decision clear Ripple’s coin of any wrongdoing, but it also had a positive impact on other altcoins, such as Solana and Polygon, which experienced notable price increases of over 20-30% since the legal breakthrough. However, it was XRP that stole the show, doubling in value almost immediately. Even after some profit taking, XRP’s price has settled around 75 cents per coin and is currently trading at around 84 cents, showcasing its resilience and promising potential.

The breakout in XRP’s long-term momentum is a significant development, as highlighted by the quarterly Relative Strength Index (RSI). The six-year-long downtrend resistance trend line on the RSI has been shattered, paving the way for new possibilities in XRP’s trajectory. High timeframes, such as the 3-month candle, provide dominant signals that suggest substantial strength and buying pressure. These signals overshadow daily or weekly fluctuations, emphasizing the significance of this breakout.

To sustain the upward momentum, the next milestone for XRP is to surpass the 2020 and 2021 highs on the 3M RSI. Achieving a higher high on the RSI would serve as a compelling buy signal, especially after overcoming oversold conditions. This will further validate the positive sentiment surrounding XRP, potentially leading to a continued ascent in its value.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.