Ripple (XRP) witnessed a substantial increase in value between November and mid-December, as it surged to a recent high of $2.83. Many expect XRP to continue its upward trajectory thanks to legal successes and growing interest in blockchain solutions. Gary Gensler’s impending resignation has also boosted sentiment around the asset. XRP was quite bullish last week but has lost momentum this week after failing to go beyond key resistance levels.

The price went above the 20-day SMA on Wednesday, registering an increase of almost 12% and moving to $2.32. Buyers retained control on Thursday and Friday as XRP rose by 3.03% and 2.21% to settle at $2.45. However, it lost momentum over the weekend, dropping 1.35% on Saturday and almost 1% on Sunday to settle at $2.39. The current week began with XRP registering an increase of 0.42% and moving to $2.42. However, with markets turning bearish on Tuesday, XRP fell over 6% to $2.27.

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The price recovered on Wednesday, thanks to the 20-day SMA acting as a dynamic support level, and rose 4.48% to $2.37. However, it was back in the red on Thursday, dropping just over 4% to $2.27. The current session sees XRP up almost 2% as buyers look to retest the resistance around $2.40.