XRP price is $0.5593 on Monday, the altcoin has yielded nearly 6% weekly gains for XRP holders in the past week. The Securities and Exchange Commission (SEC) lawsuit against Ripple has a key deadline on February 20 and it will enter a new phase, with the end of remedies-related discovery, a phase in which there is formal exchange of information.
Also read: XRP price could climb to $1 target if Ripple scores another win in SEC lawsuit
XRP holdings of investors in different segments. Source: Santiment
XRP price is in an uptrend that started at the end of January 2024. XRP price rallied to a high of $0.5627, early on Monday and the asset is likely to continue its climb towards the psychologically important level of $0.60.
XRP price faces three key resistances in its uptrend, at 50% Fibonacci retracement of the decline from the January 2024 high, at $0.5629, 61.8% Fibonacci retracement at $0.5812 and the $0.60 level.
The Moving Average Convergence/ Divergence (MACD) indicator shows green bars, signaling that there is positive momentum. XRP price uptrend is likely intact, according to green bars on the Awesome Oscillator (AO).
XRP/USDT 1-day chart
A daily candlestick close below the 38.2% Fibonacci Retracement level could invalidate the bullish thesis and signal that a sweep of the $0.5446 low is likely before XRP resumes its climb towards $0.60.
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.