XRP Breaks Major Trendline, Rises 49% Amid Regulatory Uncertainty
XRP’s upward trend, which started on March 21st, continues to gain momentum, as the cryptocurrency has surged by over 49% since the end of the “crypto winter.” Breaking through a major resistance level below $0.5, XRP is showing strong gains and bullish momentum in the market.
XRP is currently trading at $0.5510, positioning it among the leading cryptocurrencies behind Bitcoin, Ethereum, Tether, BNB, and USDC. With all this said, what’s ahead for XRP bulls soon?
What Are The Reasons Behind XRP’s Uptrend?
Ripple’s innovations and developments have been a clear indicator of the XRP’s current uptrend. The company that offers blockchain-based payment systems and digital currency (XRP) is one of the leaders in the shift towards the ISO 20022 standard.
Ripple’s ISO 20022 standard is a set of messaging protocols and data formats that enable its payment system to communicate with other payment protocols and networks that also use the ISO 20022 standard.
This alignment allows for more efficient and transparent cross-border transactions, as detailed transaction data can be more easily shared and reconciled between different payment systems.
By aligning with the ISO 20022 standard, Ripple aims to improve speed and efficiency. and transparency of cross-border payments, reduce transaction costs and provide a more seamless and integrated payment experience for its customers.
Ripple has been aligned with this standard since the beginning and is expected to benefit from the increased adoption and integration of the new standard.
Overall, Ripple’s adoption of the ISO 20022 standard is a positive development for the payments industry, as it promotes standardization and interoperability between different payment protocols.
The recent adoption of the ISO 20022 standard, Ripple’s potential legal victory against the SEC, and the advancements in the XRP ledger (XRPL) have significantly contributed to the current upward trend of the altcoin. As a result, XRP holders feel more bullish and confident about their investments, hoping this uptrend will be sustainable in time.
Critical Monthly Close For XRP Ahead
As per a recent update by trader and analyst Egrag Crypto, the Monthly Close of XRP holds significant importance as it could determine the cryptocurrency’s future path.
As seen in the chart above, if XRP closes above the Fibonacci (Fib) 0.5 level, represented by the $0.59 mark, it could reach the Fib 0.702 and Fib 0.786 levels. If XRP manages to close above the Fib 0.786 level, called by Egrag Crypto the “troposphere,” it could easily reach the Fib 1.618 level, which is the next target for the altcoin in the near term.
XRP has achieved a significant milestone by surpassing levels not seen since May 2022. The altcoin is now facing another hurdle at the $0.598 mark, which it must breach to continue its upward trajectory.
XRP has demonstrated impressive gains in the past seven, fourteen, and thirty-day periods, with profits of 17%, 47%, and 46%, respectively, outpacing other cryptocurrencies in the market.
Featured image from iStock, chart from TradingView.com