As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market fluctuations and trends that have shaped the industry as we know it today. The recent surge in XRP‘s price is indeed intriguing, and it seems to be driven by a confluence of factors.
Ripple‘s own cryptocurrency, XRP, is experiencing significant growth after the SEC modified its stance in the Binance lawsuit regarding third-party securities. This change could potentially hasten the resolution of the ongoing SEC vs. Ripple lawsuit. The value of XRP has climbed by more than 9%, reaching over $0.65 and a market capitalization of $36.5 billion, which has allowed it to surpass USDC issued by Circle for the sixth position. Additionally, there’s been an increase in large XRP transactions in recent weeks.
XRP Whale Accumulation Has Skyrocketed
Over the past five weeks, I’ve noticed a striking rise in the count of wallets containing at least 10,000 XRP, according to data from on-chain provider Santiment. Currently, there are approximately 279,400 such ‘shark’ and ‘whale’ addresses on the XRP ledger, which marks a six-month high. Interestingly, the expansion of these large wallets has shown a notable correlation with XRP’s market value in 2024 so far.
An additional factor contributing to the rise in XRP‘s price is the speculation that the SEC may reclassify Solana, Cardano, Polygon, and other altcoins as non-securities in relation to the Binance lawsuit. This could potentially expedite the resolution of the ongoing XRP lawsuit.
In contrast, Brad Garlinghouse, CEO of Ripple, criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent regulatory practices and vague rules in the crypto sphere. He argued that the SEC is failing to uphold their own principles regarding consistent rule application in this field. The latest amendment might provide an opportunity for Ripple to challenge the SEC’s classification of XRP as a security.
Where is Ripple’s XRP Going Next?
As an analyst, I’ve observed a significant jump in XRP‘s price to $0.65, marking a whopping 133% increase in daily trading volumes that reached an impressive $2.726 billion. Moreover, this cryptocurrency is currently sitting comfortably above both its 50-day and 200-day moving averages.
The value of Ripple’s cryptocurrency has just burst through a triangle shape on the price chart and may continue climbing to challenge the barrier at $0.90. If it manages to break above this level, it could potentially trigger a surge towards its record high, ending six years of relatively stable pricing.
As an analyst, I’ve noticed that Ripple (XRP) has been moving within a symmetrical triangle pattern over the past six years. Should XRP manage to breach the resistance level at around $0.90, it could potentially signal a bullish breakout.
— Ali (@ali_charts) July 30, 2024
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2024-07-31 07:32