The XRP token used in Ripple's payments network jumped as much as 22% in 24 hours to regain a $40 billion market capitalization on Tuesday after reports suggested a positive turn for the blockchain payments firm in its court battle with the U.S. Security and Exchange Commission (SEC).
The move made it the sixth-largest cryptocurrency, taking it above Cardano's ADA token and Solana's SOL.
The price reached as high as $0.91 in early Asian trading hours, a level last seen at the start of January. The token, though, fell back 5 cents to $0.86 at the time of writing. Further resistance exists at $1 if the price holds above current levels, while support at $0.80 exists in case XRP breaks below current levels.
A relative strength index (RSI) reading of 80, however, suggests a decline can be expected in the coming days. The RSI measures the magnitude of price changes over a certain time period. Readings above 70 are considered overbought, and those below 30 indicate an asset may be oversold.
114.458 SRY