XRP price has been on a stable uptrend for the past few days despite the recent slump in the crypto market. The altcoin has been among the best-performing cryptocurrencies, climbing more than 27% in the past week and 57.95% in the year to date. The coin currently ranks as the 6th largest digital asset with a market cap of $27.7 billion.
Judgement is Approaching
XRP price has been in the green for the past few days as the Supreme Court ruling draws closer. The altcoin has experienced significant volatility in recent years amid the SEC vs Ripple lawsuit. In December 2020, the US Securities Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that XRP was an unregistered security.
The lawsuit has been detrimental to XRP’s performance as many cryptocurrency exchange platforms delisted the altcoin due to regulatory concerns. Even so, the altcoin has been performing relatively well in the past few days as the ruling on the SEC lawsuit approaches. Based on speculation by Crypto Twitter, the Supreme Court will rule against the SEC handing XRP a landmark win. Such a situation would pump liquidity into the crypto market, prompting a price pump.
The recent positivity around XRP has proved to be prosperous for tits investors as profit-earning transactions increased significantly in March. The profit-taking transactions have been rising for the past two weeks, hitting a 19-month high. The increase in the presence of XRP’s holders has boosted investors’ confidence in the altcoin.
As such, XRP is likely to continue outperforming other altcoins as it secures a place among the best-performing cryptocurrencies.
XRP Price Analysis
The XRP price has made substantial gains in the past few days as focus shifts to the SEC case ruling. On the daily chart, the cryptocurrency has moved above the ascending channel shown in yellow. The coin has been hovering above the important resistance level of $0.4949 since Monday, and currently hovers 52% above its lowest level this month.
XRP has managed to remain above the 25-week and 50-week moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved into the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator remains bullish.
Therefore, the XRP price is likely to extend its bullish outlook as buyers a 21% jump to $0.6555. However, a move below the crucial support level at $0.4330 will invalidate my bullish thesis.