Over the past 24 hours, the XRP price has seen a modest 2.17% increase as the market is beginning to show signs of growth. Significantly, XRP seems to present more upside potential in the near term following statements made by ripple CEO Brad Garlinghouse.
Since last Friday, XRP has mostly held firm, experiencing only a 0.4% drop in price. This resilience is in line with that of other notable altcoins.
Still, today’s gain marks a step towards recovering this slight loss, and its monthly loss of 7.02%.
Over the past year, however, XRP has markedly underperformed these coins, enduring a 4.34% price decline.
Despite this, traders seem to remain engaged in XRP, as its trading volume has held firm at around $958.13 million over the past 24 hours.
XRP Price Breaks Long-Term Downtrend – More Gains Ahead?
A closer look at the XRP price charts reveals that it may be well positioned for further upside.
Most significantly the 30DMA, in an uptrend, has crossed above the 200DMA and its strong downtrend.
This is significant as it represents renewed momentum after being bound in consolidation over the past week, ranging around the 30DMA. Such precedence sets a strong foundation for a trend reversal.
This momentum is supported by the RSI which now stands tall at 80, demonstrating that buying pressure has undeniably increased. However, this does represent an overbought state, warranting caution for a potential correction down to more neutral territory.
While indicators may present further upside potential, sustainable long-term growth will likely hinge on fundamental factors.
Notably, today’s price increase follows a comment made by Ripple CEO Brad Garlinghouse on X, confronting anti-crypto SEC Commissioner Caroline Crenshaw.
In the comment, Garlinghouse supported a statement that Crenshaw is seemingly “poised for re-confirmation” without input from the Senate.
The due process dictates Crenshaw should be reviewed and voted on by the Senate before being reinstated for another term, something Garlinghouse cited needs “action.”
This is significant as Ripple has long been suppressed by the SEC and the legal action they have taken against them. A more favorable SEC would relieve this burden that has tied the XRP price down in recent years.
However, the looming uncertainty amid the stir generated by the ongoing German and Mt.Gox Bitcoin sell-offs should not be overlooked. It is likely to be the main driver of sentiment around XRP.
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The post Ripple CEO Confronts SEC Commissioner: How Will XRP Price Respond? appeared first on Cryptonews.
