As a seasoned crypto investor with a knack for navigating the tumultuous seas of digital assets, I’ve seen my fair share of market swings and legal battles. The XRP saga has been an intriguing rollercoaster ride, to say the least. Last year’s rally to $0.93 gave me a glimpse of what could have been, but alas, the ensuing sell-off was a stark reminder of the volatile nature of this market.
The ongoing struggle between supporters and detractors of XRP‘s price has kept it from surpassing the $1 mark since late 2021. Last year, the price of Ripple spiked up to $0.93 after a partial verdict in the lawsuit, classifying secondary sales of XRP as non-securities. Subsequently, a downward trend occurred, erasing all the accumulated gains back to the $0.3 support level.
XRP Price Market Movers: Lingering SEC Lawsuit Appeal and Robust Fundamentals
- XRP price exchanged at $0.5748 amid calls for a major uptick in the price toward $1. However, the looming appeal by the Securities and Exchange Commission (SEC) in September could make the recovery journey an uphill task. Ripple emerged the obvious winner of the long legal battle, considering the $125 million penalty imposed by Judge Analisa Torres.
Despite granting the agency’s injunction ordering Ripple not to violate US securities laws, Torres fell short of discontinuing direct sales of XRP to institutional investors—a factor likely to rattle the SEC and increase the chances of an appeal. The Gary Gensler-led regulator tried but failed to appeal the partial ruling in July 2023—the second bone of contention likely to trigger an appeal motion.
Ripple’s fundamentals are surprisingly strong despite the uncertainty around the lawsuit. Large volume holders continue to stack XRP, especially those with broadband of between 1 million and 10 million coins. According to Santiment data, this cohort of whales accounts for 6.34% of the total supply, approximately 3.34 billion XRP. If their appetite for the token increases unfazed by the lawsuit or the generally dampened market sentiment, XRP price could attempt an upswing toward $0.75.
The network growth of this protocol indicates a rebound, hinting that new users are gradually joining. However, it’s crucial for investors to look at the MVRV ratio, currently standing at 2.44. This means Ripple holders are making profits but not yet at a level to trigger widespread selling. Consequently, they might choose to buy more, expecting an increase in price to boost their earnings further.
Ripple Price Prediction As Bulls Push To Ignite Reversal
The cost of XRP remains below its 200-day Exponential Moving Average (EMA) following a rebound from the lower boundary support around $0.55. The Relative Strength Index (RSI) suggests potential sideways movement before indicating the next significant directional shift.
Based on the four-hour chart pattern, it appears that a bullish trend may unfold. If this bullish pattern holds true, the price of XRP could surge, aiming for resistance at around $0.64 (upper range boundary). This surge might trigger fear of missing out (FOMO) among investors, particularly large ones or whales, potentially boosting Ripple’s chances to reach $0.75 and possibly even $1.00.
Resistance at the 200-day EMA cannot be underestimated, implying that traders should be ready for all possible scenarios, including a correction to $0.55. The areas at $0.5 and $0.45 will be critical for DCA strategies if the XRP price plummets further down.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-08-29 16:39