On Friday during U.S trading hours, the crypto market witnessed a sudden surge in buying pressure as Bitcoin surged to a month’s high of $67300. The majority of major altcoins including XRP are riding a high momentum rally projecting the opportunity to recover the loss of June downfall. The XRP price trades at $0.579 and shows its stability for a rally with long-tail rejection at 200D EMA.
XRP Price Poised for 14% Jump Before Challenging Major Resistance
XRP price experienced a significant recovery starting from the second week of July, driven by heightened expectations of a settlement in the SEC v Ripple case following news of a closed meeting at the SEC’s headquarters in Washington DC.
The altcoin witnessed a V-shaped recovery from $0.4 to $0.6387 high registering a 58% growth. However, the price retreated on Thursday after the SEC announced the cancellation of its closed meeting, dropping to a low of $0.54 today.
Despite the pullback, XRP price trades above the daily EMAs (20, 50, 100, and 200) indicating a positive market sentiment remains intact.
Moreover, the XRP Ledger recently experienced remarkable growth, with both new addresses and total interacting addresses reaching their highest levels since March 2024.
XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March. pic.twitter.com/AIeWzwannc
— Santiment (@santimentfeed) July 18, 2024
On Thursday, the XRP Ledger saw the creation of 1,721 new XRP wallets in a single day, the highest since March 30. Additionally, 47,363 individual addresses interacted on the XRP network, marking the highest activity since March 9. This surge underscores the increasing interest and participation in the XRP ecosystem.
If the bullish momentum persists, this asset could rise another 14% before challenging the upper boundary of a triangle pattern. This chart setup has been carrying a sideways action for XRP holders for the past three and a half years.
Therefore, the potential retest to the overhead trendline will be pivotal momentum for crypto traders.
If the supply pressure at the resistance trendline persists, the coin price could prolong its consolidation trend.
However, an upside breakout will signal the end-of-accumulation trend and set a potential target of $0.92, followed by $1.94.
Key Takeaway
The XRP coin clearly reflects the substantial impact of the Ripple vs. SEC court case updates through its price movements. As market participants largely anticipate a settlement, there could be a significant trend shift for XRP. A potential breakout from the long-term triangle pattern could provide clearer indications of an impending rally.
Frequently Asked Questions (FAQs)
The SEC (Securities and Exchange Commission) is a U.S. federal regulatory agency responsible for enforcing securities laws and regulating the securities industry, including stock exchanges and electronic securities markets.
The SEC vs. Ripple court case significantly impacts the price of XRP due to the uncertainty surrounding its regulatory status. Positive developments, such as the possibility of a settlement or favorable court rulings, can lead to bullish sentiment and price increases.
The growth in the number of addresses is considered a bullish indicator because it signifies increasing interest and participation in the cryptocurrency network.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Read More: XRP Price Could Reach $1 On Record High Ledger Activity
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