XRP, the fifth-largest cryptocurrency by market capitalization, displayed signs of high price volatility over the past few days. XRP’s weekly price actions showed that the bulls managed to defend a key support zone at the $0.51 level, despite considerable selling pressure on the cryptocurrency. Recent news from Ripple’s ongoing legal battle and developments also had a positive impact on XRP’s price.
The daily chart of XRP as seen on TradingView, showed a major resistance zone at $0.53. This resistance zone managed to remain intact for more than six weeks, ever since XRP dropped below $0.54 on August 21, 2023. On the other hand, $0.46 emerged as a key support level, given that it remained virtually intact since mid-July 2023.
Over the past three weeks, XRP retested the support level at $0.51 on three different occasions. At every attempt, the bulls managed to defend the support zone and pump the crypto’s price. On-chain data from CoinGlass showed over half a million dollars in XRP long trades liquidated over the past 24 hours, against $196,000 of short positions. This demonstrated crypto traders’ bullish sentiment and confidence in XRP.
On-chain analytics firm Santiment reported an 8% surge in XRP’s price earlier this week. The surge was attributed to the denial of an appeal by the Securities and Exchange Commission in its ongoing legal battle with Ripple. The appeal was in relation to Ripple’s alleged unlawful sales of securities.
On October 4, the Monetary Authority of Singapore granted a license to Ripple as a major payments institution. The license would allow Ripple to provide digital payment token services in the country. Data from CoinMarketCap showed that XRP’s price surged more than 8%, going from $0.50 to $0.54 within hours. At the time of writing, XRP was trading at $0.52.
