XRP Surges 24% Weekly, Showcasing Substantial Bullish Momentum

• At the time of writing, XRP is trading at $0.5303, up 2.57% in the last 24 hours.
• If the price manages to climb above $0.56 level, then it will likely test $0.59 resistance level.

Ripple’s XRP, had a stretch of relative uptrend over the previous few weeks, ending in a solid performance. As the week came to a close, the cryptocurrency had its most notable increase, with a double-digit gain. Its total weekly gains were boosted by this late-week spike.

With a gain of more than 24% in the last week, Ripple (XRP) caught the attention of the crypto community. In addition to the price hike, a significant rise in trading volume is also recorded.

Bulls Dominance

The last two days have seen XRP’s price skyrocket to $0.56. Thanks to this incredible recovery, XRP has surpassed many major resistance levels, including the 200 EMA at $0.52.

After the first anniversary of Judge Analisa Torres’ historic ruling about the validity of the XRP token, there was a significant rise in its value. The day was marked by Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty via social media postings.

One possible explanation for the shift in opinion is also the impending July verdict in the SEC’s case against Ripple. According to Santiment’s analytics, there has been a lot of purchasing pressure on the token. Its supply on exchanges has been declining, suggesting that investors are now hoarding more tokens.

At the time of writing, XRP is trading at $0.5303, up 2.57% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 44.24%. If the price manages to climb above $0.56 level, then it will likely test $0.59 resistance level. However, if the momentum changes and price falls below the $0.52 mark, then it will likely test the $0.46 support level.