Ripple remains a top cryptocurrency because of its robust network and wide adoption by financial institutions. The XRP price is under deep scrutiny by investors and traders as it has recently experienced severe volatility and bearish pressure. Ripple’s SEC appeal in its legal case has also not been resolved.
In other altcoin news, SUI Blockchain’s price action is hinting at a double-bottom technical formation that will be followed by a bullish move. DTX Exchange will soon list its token on mainstream exchanges at $0.20. The DTX presale has seen unprecedented demand and has as extended into a bonus stage, but it will soon conclude.
SUI Blockchain Set For a Bull Rally
The long-to-short ratio for SUI is above one, which means that traders are betting on the SUI price to improve. Technicals show a double-bottom formation, and historically, this has been followed by the rise of the SUI price. The SUI price is at $3.5 right now, after facing rejection at the $3.65 level. It found support at $2.90 early this week and has formed a W-like structure that signals a trend reversal favoring the bulls.
The bull rally would take the SUI price to its technical target of $4.48, and the Relative Strength Index (RSI) points upward, indicating a slight strength in momentum. It is a buyer’s market for SUI, and an upward trend is imminent because of the bullish sentiment in the market.
XRP Price Surges 10%
The XRP price is up 10% this week and is trading at $2.65 at the time of writing. It has outperformed many major currencies, and its biggest competitors have, in fact, had significant losses this week. Ripple has had a flurry of regulatory developments, which has helped buoy the price.
The United States Securities and Exchange Commission has acknowledged 5 spot Ripple ETFs (Exchange-traded funds), creating a buzz of possible approval this year. The acknowledgment does not mean approval is definite, but the odds are in Ripple’s favor. Experts suggest that Ripple ETFs could attract $800 Million in institutional inflows, and JP Morgan has predicted $8 Billion will flow into the Ripple ledger within the first year.
The rise in the XRP price shows investor confidence and a notable trading volume increase also accompanied the price spike. If the XRP price rises further, it will meet resistance at around the $2.7 mark and then at $3. The technicals indicate a bullish crossover, and the market has buying signals, which means the uptrend for the XRP price will continue.
The XRP price could hold on to the bullish momentum if there is soon a favorable end to its legal battle with the SEC. Ripple’s run-in with the SEC has had a marked effect on its token, and a positive outcome in the case will substantially improve the XRP price.
DTX Exchange to Give 100x Profits to Early Investors
The initial price of the DTX token was $0.02. It is currently up 800% at $0.18 and will soon be listed at $0.2. This makes DTX Exchange one of the best investment opportunities in the crypto space. It is an innovative DeFi project set to disrupt how the capital trading markets work while ensuring its investors can generate generational income.
The DTX Exchange platform will provide access to 120,000 fiat and crypto assets and bring a fragmented financial world together. By integrating traditional finance with decentralized finance, DTX Exchange is positioned to become a one-stop trading hub for traders seeking seamless access to diverse asset classes.
To know more about the DTX Exchange ecosystem, Check out:
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