With strong buying pressure from popular cryptocurrencies, XRP in particular, the crypto market is flashing green.
The price of XRP has increased by more than 30% today, outpacing popular cryptocurrencies like Bitcoin and Ethereum. At the time this article was published, XRP was trading for $0.55 cent.
Trader optimism surged as the ongoing Ripple lawsuit made progress. According to a well-known trader, XRP currently has the most bullish setup on the cryptocurrency market, with room for additional breakout. The recent visit to Ripple Labs by Caroline D. Pham, an American lawyer and commissioner of the Commodity Futures Trading Commission (CFTC), which she claimed was part of her “learning tour,” has encouraged traders.
Many people think that the visit’s timing might not have been a coincidence. Some XRP backers even conjectured that the CFTC would take over the regulation of the currency, which might result in XRP being categorized as a commodity.
The 200-day moving average at $0.49 may be turned into support over the following several daily closes, so traders who are not presently positioned may want to wait and see. In general, intraday and swing traders take profits at longer-term resistance levels and prepare for price rejections and lower support retests once an asset successfully exits a prolonged consolidation phase, a price bottom, or a move that modifies the market structure.
The XRP Ledger (XRPL), a decentralized, open-source technology, was introduced in 2021. The XRP Ledger offers advantages such as low transaction costs ($0.0002 on average), quick settlement times (3-5 seconds), scalability (1,500 transactions per second), and intrinsically green characteristics (carbon-neutral and energy-efficient).
The first decentralized exchange (DEX) and unique tokenization functionalities are also included in the XRP Ledger technology. The XRP Ledger has successfully closed 70 million ledgers since its launch in 2012.