XRP has risen more than 5% in the last 24 hours, outperforming the broader cryptocurrency market.
The cryptocurrency markets have been under pressure in recent hours. Overall market capitalization has fallen by more than 2% over the past 24 hours, pushing the total market value back below the $1.9 trillion threshold.
Bitcoin attempted to climb toward the $43,000 resistance level but is now trading again near $40,000. If selling pressure continues, Bitcoin could drop below $40,000 for the first time in a week.
XRP, the native token of the Ripple blockchain, has surged more than 5% in the past 24 hours, making it the best-performing cryptocurrency by market cap among the top 10 coins.
The primary catalyst behind XRP’s sustained upside appears to be comments from Ripple CEO Brad Garlinghouse, who suggested that Ripple could prevail in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse told CNBC he expects the case to be resolved soon in Ripple’s favor.
Key Levels to Watch
The 4-hour chart for the XRP/USDT pair is showing an uptrend despite the broader market’s current bearish bias. Technical indicators suggest XRP is recovering from the recent slump.
MACD is moving toward the neutral zone, indicating that XRP is no longer in a downtrend. The 14-day Relative Strength Index (RSI) sits around 59, suggesting XRP could enter overbought territory if the rally continues.
At the time of writing, XRP was trading at $0.7646 per coin. It could surpass the first major resistance at $0.8111 before the end of the day.
However, XRP will likely need support from the broader crypto market if it aims to break the next resistance level at $0.8652 in the short term.