The crypto markets were consolidating ahead of the FOMC but no sooner than the rates remained unchanged, the tokens gained strength. Moreover, the crypto space rejoiced when the Ripple CEO, Brad Gardlinghouse, announced the end of an ongoing lawsuit with the SEC. Meanwhile, he stated their fight to get back $125 million locked in escrow continues, which may also reach a closure soon.
With the growing optimism about the next price action, the CEO makes 2 major claims. Firstly, he expects an XRP ETF to launch this year and secondly, he believes XRP could become part of the White House’s digital asset reserves. With this, the XRP price has surged past $2.5 and is testing the local resistance. However, the bears are restricting the rally but it may not be for more time as the price is at the foothill of a massive explosion.
As seen in the above chart, the XRP price has surged past the descending trend line, which has attracted some bearish pressure. However, the rally remains above the gains, hinting towards an extended bullish action. On the other hand, the Ichimoku cloud is heading for a bullish crossover, as the bearish influence over the token fades. Meanwhile, the MACD is aiming to rise within a bullish range that could further offer enough boosts to the XRP price rally.
Presently, the XRP price is holding the base line as a strong support, which is expected to trigger a strong rise soon. However, the token is required to rise and secure the resistance at $2.88, which may offer a strong base to keep up the momentum. Therefore, now that the price is just 28% away from it’s ATH at $3.85, the upcoming developments are expected to push the XRP price towards a new ATH.
