• XRP is preparing for a double-digit price increase and is targeting a key resistance level of $0.6602.
• Technical indicators point to bullish potential for XRPLedger’s native token.
• The 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 to see gains as the payment remittance company prepares to launch its stablecoin Ripple USD (RUSD).

Following the conclusion of the Securities & Exchange Commission (SEC) lawsuit against Ripple, the regulator has not taken any steps toward an appeal. XRP holders are keeping an eye out for the next steps.

XRP expected to gain 12%

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

XRP is facing resistance at the Fair Value Gap (FVG) between $0.5464 and $0.6217. The Moving Average Convergence Divergence (MACD), a momentum indicator, is showing green histogram bars above the neutral line. This means that there is positive momentum underlying the XRP price trend.

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

XRP/USDT daily chart

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