Ripple (XRP), XRP Ledger’s native token, extended gains by nearly 7% on Wednesday. The sixth largest asset by market capitalization rallied for the tenth consecutive day and erased all losses from the last 99 days.
XRP tested $0.6333 on Wednesday, and it is trading around $0.6200 at the time of writing.
Or, alternatively, why would we have a partisan divide over whether companies should violate federal law?
— Marc Fagel (@Marc_Fagel) July 16, 2024
Hey @Marc_Fagel why would the SEC see Ripples post-Complaint contracts governing “Institutional Sales." for the determination of remedies? To settle it for the future? Is it wrong to assume that the SEC would have to file charges for these sales before they have any bearing on… https://t.co/6xuCPIbvJO
— Mr. Huber (@Leerzeit) January 11, 2024
Ripple is currently in an upward trend, forming higher highs and higher lows since July 8, as seen in the XRP/USDT daily chart. XRP tested $0.63 on Wednesday, trading at $0.6200, at the time of writing.
The momentum indicator, Moving Average Convergence Divergence (MACD), shows green histogram bars above the neutral line, supporting a positive underlying momentum in Ripple’s uptrend.
XRP could extend gains by more than 15% and revisit its 2024 peak at $0.7440.
XRP/USDT daily chart
Ripple could find support at $0.6058 and $0.5632, at the 61.8% and 50% Fibonacci retracement levels of the decline between the March 11 top of $0.7440 and the July 5 low of $0.3823.
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