XRP’s price is surging in light of recent developments

• XRP’s price has consistently risen, surpassing the $0.6 mark recently.
• Ripple Labs Inc. unlocked 1 billion XRP, triggering a price surge.
• The launch of Xahau, a sidechain of XRPL, boosted XRP’s value.

XRP’s price trajectory has been upward, showing positive signs for the cryptocurrency. Over the past few weeks, there has been a consistent rise in its price. The value of XRP has surpassed the $0.6 mark, breaking both the 50-day and 200-day moving averages. Furthermore, the relative strength indicator has also been on an upward trend. However, it is currently in an overbought zone.

The recent unlocking of 1 billion XRP from escrow by Ripple Labs Inc. probably served as a trigger for the price surge. This also indicates an increased availability of XRP in the market compared to earlier. The action underscores Ripple’s commitment to managing the production of XRP.

The recent increase in the token’s value can be attributed to the launch of Xahau, a sidechain of XRPL. A comprehensive analysis of the Xahau code was conducted before its release, demonstrating the adaptability of the XRP Ledger and continuous efforts to broaden the usage of XRP.

Additionally, XRP has garnered interest from cryptocurrency enthusiasts as high-volume traders, known as whales, persist in trading XRP tokens. On November 1, Whale Alert reported a significant transaction of roughly 412.89 million tokens, amounting to a total worth of $248 million.

Keeping an eye on the $0.65 Level

As per the latest data from CoinMarketCap, XRP is currently priced at $0.602, marking a 0.10% increase in the past 24 hours at the time of this report. Despite this, there has been a 36.19% decrease in trading volume. Notwithstanding, the recent bullish trend has seen the price rise by 7.69% over the past week.

Should the price successfully exceed the $0.61 threshold, it will probably approach the resistance level of $0.65. On the other hand, if the price drops beneath the $0.58 support level, it is likely to continue its downward trend to reach the $0.57 level.