- XRP achieved its long-term goal of $1, jumping past 27%.
- The market witnessed a $26.15 million liquidation of XRP.
The crypto market rallies, with major assets breaking out, and anticipation is building for the looming altcoin season as the assets hit new highs. Bitcoin (BTC) is trading at $91.2K, and Ethereum (ETH) faces setbacks around the $3.1K level.
In the bullish market, Ripple (XRP) exhibits a notable upward momentum as it hits $1, breaking through the key resistance of $0.99. The altcoin has surged over 27.25%. In the early trading hours, XRP climbed from a low of $0.811 to an intraday high of $0.9247.
Notably, the asset trades at $1.04 with its trading volume resting at $13.77 billion. Consequently, a $26.15 million liquidation of XRP was observed in the market, as per data.
In addition, XRP has surged over 87.55% over the past week. The altcoin began to trade at $0.5536, and eventually, the steady upside correction pushed the asset to hit its long-term goal today.
On the other side, the speculation that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler could resign and the legal victory of Ripple Labs fueled the XRP price up. Ripple Labs and CEO Brad Garlinghouse secured a judgment and a stay in the class action lawsuit following the U.S. court ruling.
Will XRP Bulls Drive the Next Surge?
The daily frame of XRP exposes the short-term 9-day moving average above the long-term 21-day moving average. In addition, the asset is placed in the overbought zone in the market, as the daily relative strength index (RSI) is positioned at 84.36.
XRP’s four-hour technical chart reveals the Moving Average Convergence Divergence (MACD) line over the signal line, suggesting the upside momentum and an incoming bull run.
Besides, the Chaikin Money Flow (CMF) indicator, settled at 0.21, infers the increased money flow and buying pressure, which is a suitable circumstance for buyers. Meanwhile, the trading volume has increased by 19.20%.
A steady breakout of the asset retests the major resistance, which led the way for XRP to target the long-term goal of $1. If the ongoing upside momentum persists, the asset might likely break the nearby resistance and ascend to $1.16.
On the other side, if the asset’s bullish pressure diminishes, XRP’s price may undergo a correction. The token might be plummeting below $0.98. Further depreciation could drive the asset’s price back to its lows.
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