XRP price registered a massive bullish spike on August 11, rising nearly 30% for the day and broke past the key resistance of $1. The sixth-largest cryptocurrency has nearly doubled from its last month’s low of $0.514 as its market cap reached $45 billion. XRP registered a new monthly high of $1.09 before retracing below $1 again.
The altcoin had quite a rollercoaster ride this year, while most of the other cryptocurrencies registered their new all-time-highs, XRP joined the bull party late but did manage to post a new 3-year high. The pivot point for the altcoin lies at $0.772 while it is currently clear above the two key resistances of $0.849 and $0.918.
A key on-chain indicator Hash Ribbon which is considered as a reliable buy signal by many flashed buy signals for the first time in two months, indicating the altcoin might be gearing up for the second leg of bull run along with other crypto assets.
XRP Only Altcoin in Top-10 to Not Have a New ATH
XRP was at its lowest when most of the cryptocurrency was retesting its new ATH at the start of this year, XRP price fell to its lowest in three years all thanks to the US SEC’s security lawsuit. However, it defied most of the odds and market predictions about it to record a new three-year high of $1.96. However, the biggest factor that could push its price 300% from its current value is that it is the only cryptocurrency in the top-10 to have not retested its ATH.
The latest development in the XRP lawsuit has put Ripple in the spotlight after it continues to delay producing Slack data demanded by SEC. SEC filed an emergency motion regarding the same and believes the communication data could help it prove its case of XRP being security. On the other hand, Ripple has also sealed some parts of William Hinman’s deposition without SEC’s objection, fueling the narrative for an internal settlement.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC files emergency motion for a discovery conference regarding Slack communications. Seeks order compelling Ripple to search and produce relevant communications between Ripple employees on Slack.https://t.co/AQ8Av1igoV
— James K. Filan ???? (@FilanLaw) August 9, 2021
XRP has joined the second leg of this bull run quite in time which could help its price surge in accordance with the rest of the market, increasing its chances of retesting its ATH of $3.84 again.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.