Is FOMO Building Up for A Mega XRP Price Rally?

While the rest of the crypto market entered a consolidation phase on late Tuesday, the XRP price continues to rise further with an additional 14% gain in the last 24 hours.

The XRP price continues to defy the broader crypto market trend, surging another 14% on Tuesday as traders anticipate a breakout from the $0.75 resistance level.

With an additional 14% surge in the last 24 hours, the XRP price is now up a staggering 45% over the past week. This marks the highest price level for XRP since March of this year. The last time XRP traded above the $0.75 level was back in April.

The impressive rally comes as the rest of the crypto market consolidated following a strong rally last week. Bitcoin price remained largely flat over the past 24 hours, while Ether price slipped 1.38% lower. However, both BTC and ETH are still up over 20% and 35%, respectively, over the past seven days.

XRP price Surges 14% as Market Anticipates Breakout from $0.75 Resistance

A closer look at the XRP price chart shows that the bulls are once again aiming for a further rally to $1 following the breakout from the $0.75 resistance. This is especially evident considering the massive 166% surge in XRP’s daily trading volume, which now stands at $11.53 billion.

For comparison, Bitcoin’s daily trading volume is currently around $38 billion, while Ether’s daily trading volume is around $20 billion. Despite being ranked 7th by market cap, XRP’s daily trading volume is outpacing both Bitcoin and Ether by a significant margin.

This surging interest in XRP is also being fueled by talks of dismissing the long-going SEC vs Ripple lawsuit. As reported by U.Today earlier this month, the crypto community is buzzing with anticipation after a bombshell development in the SEC lawsuit against Ripple.

According to a recent court filing, the SEC has asked the judge to dismiss the lawsuit without prejudice if Ripple fails to produce key documents related to the XRP sales by December 5th. This has led to speculation that the SEC may be preparing to drop the lawsuit altogether.

If the SEC does decide to dismiss the lawsuit, it would be a major victory for Ripple and XRP holders. The lawsuit has been hanging over the crypto community for nearly two years now, and its dismissal would finally allow XRP to trade freely again.

However, it’s important to note that the SEC could still decide to refile the lawsuit at a later date if it obtains the necessary documents.

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