The XRP price has gained by 1% today, bucking the market-wide fall to reach $0.505788 in the past 24 hours.
This price represents an 11% gain in the past week, with traders and analysts increasingly expecting a positive decision in Ripple’s long-running case against the SEC.
Indeed, XRP has impressively risen by 48% since January 1 on the back of growing expectations of a positive outcome for Ripple, which has enjoyed a number of positive developments in its case in the past few weeks.
And with one particular analyst predicting a breakout for XRP in June, it may not be long before the case ends and the altcoin experiences the massive rally its holders have been hoping for since December 2020.
XRP Price Prediction to Surprise Traders in June Says Crypto Expert With 400,000 Followers as Ripple Lawsuit Verdict Looms
XRP rose as high as $0.527786 overnight, a price that marked a 10% rise from its level on Monday.
However, it has since calmed down a little, with this small dip being largely responsible for the mixed messages its technical indicators are sending out right now.
On the one hand, XRP’s relative strength index (purple) has dived below 50, signaling a loss of momentum.
Yet on the other hand, the RSI has begun rising again, while the coin’s 30-day moving average (yellow) continues to rise higher than its 200-day average (blue), pointing towards possible incoming gains.
At the same time, XRP’s support level (green) continues to rise as the altcoin consolidates around increasingly high prices, providing it with a stronger base from which to mount further rises.
As such, XRP really is in a good position overall for some big rallies in the coming weeks, as predicted by a growing number of analysts and commentators.
This article was originally published by CryptoNews.