Ripple (XRP) price continued to rise, touching $2.25, and this increase comes despite a general decline in cryptocurrency prices by 2.5% over the last 24 hours, allowing the price to maintain recorded gains of 2.5% over the week and 3% over the month, totaling 333% compared to its value a year ago. These gains follow Ripple Labs' announcement that its stablecoin RLUSD received regulatory approval for the Emirate of Dubai, and after CEO Brad Garlinghouse denied the company made an offer to acquire Circle in April. Given the company's ongoing growth and the possibility of resolving its prolonged legal dispute with the SEC this year, long-term positive expectations for Ripple's price continue.
Ripple price forecast for June: Can XRP finally surpass the $10 mark?
The XRP price chart looks interesting, especially since its two prominent indicators - the 30-day moving average (DMA-30, in orange) and the relative strength index (RSI, in purple) - are showing conflicting signals. On one hand, the RSI reading has improved again after dipping below 40 a week ago and remaining low throughout February, March, and April, which suggests a strong upward rebound may be imminent.
Conversely, the DMA-30 indicator continues to stabilize above its 200-day counterpart (DMA-200, in blue) since early November, suggesting a potential impending correction wave.
Nevertheless, some argue that Ripple's unique position can overshadow the somewhat negative signals from the DMA-30 indicator, given that the currency has undergone a prolonged over-selling wave before last November due to the ongoing legal dispute between the company and the SEC. This may allow XRP’s price to retain its gains for a longer period, especially since its current price is considered far from its presumed true value compared to Ripple's standing, activities, and promising prospects.
In recent days, the company's stablecoin RLUSD received regulatory approval in the Emirate of Dubai, which is gaining increasing importance as a center for cryptocurrency and stablecoin usage.$XRP
