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Amid the ongoing crypto rebound led by Bitcoin (BTC), which rallied above $60k again today, Ripple Labs-backed XRP price signaled the onset of a macro bullish outlook. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of nearly $2 billion, pumped 7.4 percent in the past 24 hours to trade around $0.608 on Tuesday during the early European session.
XRP Price Ready for Liftoff
XRP price has consolidated around the apex of a six-year symmetrical triangular pattern in the past few months. From a technical standpoint, XRP price is ready for a historical liftoff towards its all-time high soon.
Already, the XRP price closed above the 50 Moving Average (MA) last week and is now attempting to regain the 200 MA as a crucial support level. A consistent close above 65 cents will push the XRP price toward the next liquidity range between 95 cents and $1.
If sentiment is bearish in the near term, the XRP price will find a solid support level of around 45 cents.
Why Bullish Now?
Ripple has remained focused on developing the XRPL network’s Web3 to compete with other top-tier smart contract-based chains. For instance, Ripple announced earlier today that the XRPL Testnet has been successfully reset as planned, with all Testnet DEX content, accounts, balances, and settings deleted. Notably, the reset improves efficiency and reduces the cost of running a Testnet node.
The Ripple team can now build the XRPL web3 ecosystem with a clearer legal framework in the United States. The recent conclusion of the lawsuit filed by the US SEC has been a huge game changer to the XRP market and development.