XRP price rose back above the $0.80 psychological level on Wednesday to brush shoulders with $0.85. This was accompanied by a surge in trading volume which now comprises 21% of the total crypto market volume.
At the time of writing, the XRP Ledger native token is changing hands at $0.83, up 4.5% over the last 24 hours. The remittance token has rallied 77% over the last seven days and has doubled over the last 6 months.
According to data from Kaiko, XRP’s trading volume experienced a significant surge following a federal judge’s ruling in New York, stating that the XRP token “is not necessarily a security on its face” grading Ripple labs a partial win in case against the U.S. Securities and Exchange Commission (SEC).
This surge in trading volume propelled XRP’s position beyond that of Bitcoin, the flagship cryptocurrency and the most liquid asset in the digital currency space, whose trading volume currently accounts for 20% of the market, while Ethereum stands at 8%.
#XRP has surpassed #BTC as the highest volume asset 👀
Since last week’s court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
— Kaiko (@KaikoData) July 17, 2023
In 2020, the SEC filed a lawsuit against Ripple, accusing the firm of violating U.S. securities laws by selling XRP as an unregistered security. Last week, Judge Analisa Torres issued a ruling on the lawsuit, stating that XRP was only considered a security when sold to institutional investors years ago but not when sold to the general public on crypto exchanges.
Following the ruling, several analysts are bullish on the altcoin, with a well-known crypto analyst recently disclosing that he envisions the cryptocurrency’s price skyrocketing to $10.
XRP Price Bulls Target a Return to $1
XRP is trading at $0.83 in a fourth straight green session on the daily timeframe. It is fighting immediate resistance from the $0.85 psychological level.
The international payments token was trading above all the major SMAs which were also facing up. This showed that the XRP’s upside was still intact. The Relative Strength Index (RSI) was also ponting northward. The price strength at 76 in the positive region suggested that the buyers had their firm grip on the altcoin.
Therefore, XRP is likely to rise higher from the current price. This could be confirmed if a daily candlestick close above the $0.85 is achieved. If this happens, it would indicate the ability of the bulls to sustain higher levels.
Above that, the crypto may rise first to revisit last week’s swing high at $0.93 and later make the much-awaited trip to $1. Such a move would represent a 22% uptick from the current price.
XRP/USD Daily Chart
On the downside, key levels to watch were the recently established support at $0.77 and lower the $0.735 foothold. Losing this defense line could spell doom for the cross-border payments token setting it on a free fall toward the $0.53 and $0.50 demand zone, where both the 50-day and 100-day SMA lie.
The last move lower would be a return to the $0.46 support floor. If this happens, the bears would have undone all the gains made after the judge’s ruling.
