Why XRP could rise by double digits this week?

• XRP is preparing for a double-digit price rally and is targeting a key resistance level of $0.6602.
• Technical indicators point to bullish potential in the native XRPLedger token.
• XRP price is $0.5872 on Saturday.

Ripple (XRP) is trading at $0.5872 at the time of writing. XRP Ledger’s native token is likely poised for gains as the payments remittance firm prepares to launch the Ripple USD (RUSD) stablecoin.

After the Securities and Exchange Commission (SEC) lawsuit against Ripple ended, the regulator took no action on an appeal. XRP supporters are keeping an eye on the next steps.

XRP likely to gain 12%

XRP has tried to break out of its downtrend nearly three times since August. The altcoin could extend gains by 12.44% and target the 50% Fibonacci retracement level of the decline from the July 2023 high of $0.9380 to the July 2024 low of $0.3823.

XRP is facing resistance in the fair value gap (FVG) between $0.5464 and $0.6217. Moving Average Convergence Divergence (MACD), a momentum indicator displays green histogram bars above the neutral line. This means that there is an underlying positive momentum in the XRP price trend.

The MACD line has crossed above the signal line, another sign of positive momentum in the XRP price trend.

XRP/USDT Daily Chart

XRP could find support in FVG between $0.5188 and $0.5715. This is an imbalance zone on the daily time frame. If XRP sweeps liquidity in this area, it could attempt a rally to test resistance at $0.6310, the August 24 high for the altcoin.