Ripple Price Gains Crucial Resistance at $0.51: Why is XRP Price Surging? 

Key Takeaways

• XRP price regained the crucial resistance at $0.51 indicating the possibility of a revival of a healthy upswing in the coming days
• The buying pressure is fading slowly which may further invite the bearish action that may drag the price slightly lower 
• The rise in social dominance and network growth suggests new players entering the network, flashing bullish signals for the crypto 

The XRP price is surging ahead of the broader crypto markets, manifesting its acute strength and the possibility of an extended bullish trend. The market capitalization has soared by more than 2.5% while the trading volume soars beyond $ 1 billion with a jump of 9.5% in the past 24 hours. The rising market sentiment ahead of the Ripple vs SEC lawsuit appears to be the principal cause of the upswing. 

The SEC’s actions against Binance and Coinbase have left the crypto markets unstable at the moment. However, XRP is in a stronger position compared to the other altcoins in the market. If the lawsuit turns out to be in the company’s favor, the XRP price is believed to trigger a massive upswing in the coming days.

Ripple (XRP) Price Technical Overview

Source: Tradingview

• The XRP price continues to display strength as it hovers close to the upper resistance of the ascending triangle 
• The price is trading close to the yearly highs at $0.58 and hence is believed to form new highs above $0.6 very soon
• The RSI is attempting a bullish divergence, while the MACD is closer to validating a bullish signal. Therefore, a notable upswing may be on the horizon.
• Hence, the price is believed to rise above $0.6, and sustaining above these levels may validate a healthy upswing ahead

Additional Read: Ripple Price Prediction 2023

Ripple (XRP) On-Chain Overview

Ripple (XRP) Network Growth

Source: Santiment

The network growth works much like the daily active address, which records the number of addresses interacting with the platform. Network growth, on the other hand, records the number of new addresses that transferred the token for the first time. It may also illustrate the adoption over time as it counts the new address count, adding up every new day. Hence, it also indicates the growing adoption of the project over time. 

The levels have been swelling for quite a few days now, which indicates that more new addresses have been created and traded. The rising network growth, similar to the current levels, indicates the growing adoption and attention of Ripple over time, which may positively impact the XRP price soon.

Ripple Social Dominance

Source: Santimnet

Social dominance compares the social volume of the token, which includes social data like searches, queries, mentions, etc. regarding the token, with the social data of the top 100 tokens as per market capitalization. The rise or drop in social dominance indicates that the social volume of the token has either surged or dropped compared to the top 100 assets. 

Presently, the social dominance of XRP has surged heavily, which indicates that market sentiments have turned in favor of the crypto, which may further impact its value. The price may receive the required push to maintain a healthy upswing soon. 

Ripple MVRV-Z Score

Source: Santimnet

The MVRV-Z score is the ratio between the difference between market and realized capitalization and the standard deviation. The Z-score signals a good buy and sells time, providing more insight into the value of the crypto. It also indicates whether the current price is overvalued or undervalued.

Presently, the MVRV-Z score has turned bullish, which flashes a buy signal and also indicates that the price is gaining value. To be more precise, the price is hovering within overbought levels and may be prone to undergo a healthy pullback as the bearish action may intensify ahead. 

Read More: Bitcoin Price Prediction

Concluding Thought

The XRP price is displaying acute strength as the final ruling of the Ripple vs SEC case is just a couple of weeks away. The market sentiments continue to remain bullish in the times when the entire crypto space is experiencing the aftermath of the regulatory crackdown. However, the technicals suggest a healthy pullback may be in line but the price movement suggests the revival of a healthy upswing soon.