Ripple (XRP) is trading at $0.5872 at the time of writing, and XRP Ledger’s native token appears poised for gains as the payment remittance company prepares to launch its stablecoin, Ripple USD (RUSD). Following the conclusion of Ripple’s lawsuit with the Securities & Exchange Commission (SEC), the regulator has made no moves to appeal, leaving XRP holders watching for the next developments.
XRP Set for a 12% Gain
Since August, XRP has attempted to break out of its downward trend three times. The altcoin could potentially extend its gains by 12.44%, aiming for the 50% Fibonacci retracement level from the July 2023 high of $0.9380 to the July 2024 low of $0.3823.
XRP faces resistance within the Fair Value Gap (FVG) between $0.5464 and $0.6217. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line, signaling positive underlying momentum in XRP’s price trend.
Additionally, the MACD line has crossed above the signal line, further indicating upward momentum for XRP.
XRP/USDT Daily Chart
XRP could find support within the Fair Value Gap (FVG) between $0.5188 and $0.5715, an imbalance zone on the daily time frame. If XRP sweeps liquidity in this area, it may attempt a recovery and retest resistance at $0.6310, the altcoin’s peak from August 24.
