The Ripple price has defied gravity this week. The XRP is trading at $0.5690, which is more than 13% above the lowest level yesterday and 57% above the lowest level on February 23. Other major digital currencies like Bitcoin and Ethereum have dropped by more than 5% in the past 24 hours.
What happened: The prices of major digital currencies retreated in the overnight session as investors focus on the stronger dollar and demand dynamics. The US dollar has risen by more than 0.10% in the overnight session.
Ripple, on the other hand, has risen as investors continue focusing on the growing non-fungible tokens (NFT) space. Just yesterday, Jack Dorsey’s first tweet sold for more than $3.7 million and more celebrities, including golf’s super star, Bryson DeChambeau listed NFT assets. While Ripple is not yet a player in NFTs, the company has said that they are developing products that will help grow the space.
Meanwhile, a lawyer following the Ripple and SEC lawsuit has claimed that the case could be a good validator of XRP. You can watch his comments below. Some analysts, as reflected in the Ripple price, believe that the company has higher chances of winning the lawsuit.
Ripple price prediction
The XRP price has been in a strong uptrend recently, as I wrote last week. Overnight, it rose to the highest level it has been since February 22 this year. It has also successfully moved above the important resistance level at $0.4942. It is also being supported by the 25-day and 15-day moving averages while the Supertrend indicator is relatively bullish.
Therefore, in the near term, I suspect that the Ripple price will keep rising as bulls target the next key resistance level at $0.6435, where it faced a substantial resistance a few weeks ago. However, a drop below the support at $0.50 will invalidate this trend.
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XRP price chart
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