The cryptocurrency market gained momentum in the previous week, and Ripple managed to break through its negative cycle. The crypto scored over 180% growth since late July despite fighting a case against the SEC.
Starting July, Ripple gained almost 50%, but the market took a “reversal higher” turn after that. The development slowed down Ripple’s growth, but the crypto continued to offer minor returns. The trend continued till last week when Ripple broke through the barrier after the second upward leg.
Its price went from 0.75 dollars to 1.35 dollars during August’s second week. It changed the entire air around the cryptocurrency, pushing it to a bullish turn. As a result, the cryptocurrency showcased one of the quickest growth periods after July, scoring over 180% growth.
After its price started declining in June, traders fixed buy signals for the cryptocurrency. On average, traders managed to gain 700 pips in profit. However, after its Doji candlestick turn, a bearish reversing signal after the growth emerged on the daily chart. Ripple started to lose momentum after that, resulting in a decline in its price.
But the trend did not continue for long as Ripple found support at the 50 SMA. As a result, its value bounced back after moving average twice. However, the 20 SMA proved to be a resistance for the cryptocurrency.
The cryptocurrency seems stuck between the 100 and 200 SMAs. However, Ripple is showcasing a better growth rate than most cryptocurrencies. Traders should note that the majority of the market has not shown growth in the previous 24 hours, while XRP continues to climb in price.
Currently, Ripple has found support at the 200 SMA, but the cryptocurrency is still stuck between the averages. Still, the market believes the trend to be bullish as Ripple Labs continues the case against the SEC.