XRP (XRP) Price Analysis: Key Indicators to Watch as SEC Lawsuit Looms

XRP, the third-largest cryptocurrency with a market cap of $182.85 billion, surged 13.3% over the past week.

XRP, the third-largest cryptocurrency by market capitalization, has seen a 13.3% increase in its value over the past week, with the token surging to prices above $3. XRP’s performance comes as several developments could impact its future price trajectory.

According to data from CoinGecko, XRP is trading at an average price of $3.02, with prices ranging between $2.98 and $3.05 over the past 24 hours. The cryptocurrency has seen a trading volume of over $3.2 billion during this period.

Rising from an opening price of $2.89, XRP faced seller attempts to push prices into the $2 range. However, buyers quickly regained control, leading to a surge in prices to highs of $3.05. XRP’s resistance at $3 could open up potential for further gains in the coming week.

A potential approval of a spot XRP exchange-traded fund (ETF) and a favorable outcome in the SEC lawsuit are among the key factors that could influence XRP's price movements in the coming period.

John Deaton, a pro-Ripple lawyer, recently highlighted Judge Analisa Torres' earlier ruling that XRP is not a security when sold to retail investors in an episode with the Good Morning Crypto Show. Deaton suggests that the SEC’s lack of logical grounding could lead to another defeat in its case against Ripple.

With the appointment of Paul Atkins as the new SEC Chair, analysts are hopeful for a peaceful resolution. Atkins has earlier criticized the agency's regulatory overreach, leading to optimism that his leadership might create a more collaborative environment for Ripple.

In another development, REX Shares has applied for multiple crypto ETFs, including XRP, Solana (SOL), Dogecoin (DOGE), and Bonk (BONK), among others.

Whoa… 33 ETF’s being filed at the moment !! pic.twitter.com/o0Km332vZH

XRP Price Analysis

Having held above the $3 price level, XRP still has the potential for a significant move to the upside. However, the MACD indicator is now turning bullish for the altcoin, with the MACD line (blue) and the signal line (red) coming close, indicating a potential correction.

The Relative Strength Index (RSI) reads a value of 66.12, indicating that the bulls are generally in control of the XRP token's price action. The gradient of the line suggests a slight back-and-forth movement before the cryptocurrency gains bullish momentum.

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