XRP price climbed nearly 5% in the past week and hit a high of $0.5380 this week. The altcoin is currently in an uptrend. Two catalysts are likely driving gains in XRP. The first positive development is Ripple’s request to extend the remedies-related discovery deadline by a week, which was granted by the Court.
The second is the possibility of a settlement in the SEC v. Ripple lawsuit, predicted by crypto lawyer, James Murphy.
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XRP price climbed to a high of $0.5338 on Tuesday. The altcoin is likely to rally towards resistance at $0.5629, this coincides with the 50% etracement of the decline from 2024 peak to January 31 low.
If XRP price sees a daily candlestick close above resistance at $0.5629, the altcoin could rally towards its second resistance at $0.6012. The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) support XRP price gains.
XRP/USDT 1-day chart
A daily candlestick close below support at $0.4968 could invalidate the bullish thesis for XRP price.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.