TL;DR

• XRP’s price surged to a four-month high of $0.66 amid optimism about a potential resolution in the Ripple v SEC lawsuit.
• The number of XRP sharks and whales has increased, signaling confidence but also potential volatility if large sell-offs occur.

XRP on the Run

The cryptocurrency sector continues to struggle today (July 31), with its global market capitalization briefly dipping below $2.5 trillion (per CoinGecko’s data). Leading digital assets such as Bitcoin (BTC) and Ethereum (ETH) are slightly in the red for the day, but this is not the case with XRP.

The price of Ripple’s native token has been on a tear, rising to a four-month high of almost $0.66 several hours ago. Currently, it trades at around $0.64, representing a 7% increase on a 24-hour scale.

XRP’s latest pump comes amid rising expectations that the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) might be drawing to a conclusion. The case has been ongoing for over three and a half years now, but some experts believe a resolution could be just around the corner.

The American attorney Fred Rispoli recently predicted that the entities could shake hands on a mutual agreement on July 31, while Jeremy Hogan thinks the outcome may be announced before the end of the summer. 

Some industry participants speculated that the SEC might discuss a possible settlement with Ripple during its closed-door meeting on July 25. However, the agency has not revealed any information on the matter.

XRP’s rally also coincides with the SEC’s U-turn regarding a complaint against Binance and some of the cryptocurrencies offered on its platform. 

“The SEC informed Defendants that it intends to seek leave to amend its Complaint, including with respect to the “Third Party Crypto Asset Securities” as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss, Dkt. No. 172, obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time,” the amendment reads.

Previously, the Commission has accused Binance of offering and selling Solana (SOL), Binance Coin (BNB), Cardano (ADA), and other “Third Party Crypto Asset Securities” as investment contracts.

Recall that the lawsuit between Ripple and the SEC centers on allegations that XRP is a security. Last summer, Judge Torres ruled that the company’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts. The decision was viewed as a massive court win (yet a partial one) for Ripple, resulting in a double-digit price spike for XRP. 

XRP Whales on the Move

Crypto market intelligence platform Santiment revealed that the amount of wallets holding at least 10,000 XRP tokens has exploded to a six-month high of almost 280,000.

The rising number of sharks and whales might be interpreted as a sign of confidence and lead to additional market participants entering the ecosystem. 

On the other hand, large sell-offs from such investors can create panic and negatively impact the XRP price. 

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TL;DR

• XRP’s value surged nearly 40% in a week, possibly driven by increased network transaction activity.
• Anticipation of a resolution in Ripple’s legal battle with the SEC may have also contributed to the recent price ascent.

XRP on Fire

The cryptocurrency market witnessed a significant comeback in the past few days, with numerous leading digital assets rising to multi-month highs. Bitcoin (BTC), for one, touched the $66,000 mark a few hours ago, while Ethereum (ETH) briefly surpassed $3,500.

Ripple’s XRP has performed even more impressively, with its price surging by almost 40% on a weekly scale. It is up 9% daily, hitting the $0.60 level for the first time since April. 

Its revival coincides with the resurgence of some important metrics part of its ecosystem. The total number of executed transactions, for example, exceeded 4 million on July 16, representing a six-month high. 

The average number of transactions per ledger reached 204: a 250% increase compared to the figure observed at the start of the month.

More transactions on the XRP Ledger signal increased network use and utility, which could potentially lead to higher demand for the asset and further inflow of capital.

The Impact of the Ripple v SEC Case

The increased expectations that the legal battle between Ripple and the US Securities and Exchange Commission (SEC) is drawing to an end could be another factor pushing XRP’s value up.

The American attorneys Fred Rispoli and Jeremy Hogan are among those speculating that an official resolution could occur as early as this summer. 

The lawsuit has been ongoing for over three and a half years, with some viewing the SEC as the underdog due to the three partial court wins secured by Ripple throughout 2023. Just over a year ago, Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts.

XRP’s price skyrocketed by over 70% mere hours after the announcement. The asset reacted positively after the other two victories: when the magistrates dismissed the regulator’s intention to appeal the decision and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the Commission.

Those curious to learn more about the specifics of the case and its potential impact on XRP’s value, feel free to take a look at our dedicated video below:

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XRP turned bullish after buyers took control of the price action. Let’s examine a few different technical indicators that may provide important insights into where the market is currently at and where it might be headed next.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Ripple Breaks Resistance

Buyers reversed the downtrend and broke the key resistance at 54 cents, which is now being tested as support. If they can keep the price above this level, then the bullish momentum may intensify.

2. Reversal in Progress

After some hesitation, XRP’s bulls took the initiative today and managed to raise the price. If they persist, this cryptocurrency could start a rally and approach 60 cents again. Later, XRP could even challenge the key resistance at 68 cents, which is still quite a distance away.

3. MACD Bullish Cross

With the daily MACD firmly on the bullish side, the 2-day MACD also completed a bullish cross today. This is another confirmation that momentum is shifting bullish. This could be the start of a sustained recovery after the losses in April.

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TL;DR

• Ripple’s XRP price rose to $0.64, with its market cap crossing $35 billion.
• The increase coincides with a miner uptrend of the digital asset market.

The price of Ripple’s XRP experienced a substantial revival in the past hour, spiking by 4% and reaching the $0.64 mark. Currently, it trades at approximately $0.63 (per CoinGecko’s data), remaining one of the best performers in the cryptocurrency market today (April 9).

Other XRP-related metrics, such as its market capitalization, have logically headed north, too, exceeding the $35 billion level for the first time since March 26.

Daily trading volume has also been on the rise, standing at approximately $2.3 billion. The coin surpassed Binance Coin (BNB) in that field, which generated around $1.7 billion for the same period.

The resurgence of Ripple’s token coincides with a green wave in the entire market, albeit most assets’ gains lag behind those recorded by XRP.

Cardano’s ADA is up 1.7% in the past hour, while Polkadot (DOT) has risen 1%. The leading cryptocurrencies by market cap – Bitcoin (BTC) and Ethereum (ETH) – have charted little-to-no substantial moves in the last 60 minutes.

Some expect that XRP’s real bull run may start this month due to the approaching trial between Ripple and the US Securities and Exchange Commission and the upcoming BTC halving.

The resolution of the legal battle could boost the price of the asset (in the event of a decisive victory for the company), whereas the halving event (scheduled for the end of next week) has historically been a precursor of a major rally of the entire cryptocurrency sector.

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Bulls are challenging the resistance at 68 cents as XRP makes a new yearly high. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.68, $0.92

1. Key Resistance Under Pressure

On Monday, XRP shot up to 74 cents on renewed buying interest. Since then, the price has entered a pullback and is currently trying to turn the 68 cents level into a key support. If successful, the price might aim for 92 cents next.

2. New Yearly High

Buy volume spiked yesterday to levels not seen since the summer of 2023. This pushed XRP to make a new yearly high and shows that buyers may only be starting to return.

3. Weekly RSI Enters Overbought Area

XRP’s price action has taken the weekly RSI to over 70 points. This is a sign of strength. Should this bullish momentum continue, then this cryptocurrency can see higher price levels, with a key target found at 92 cents.

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The post Why is The Ripple (XRP) Price Up Today? appeared first on Coinpedia Fintech News

The native cryptocurrency of Ripple Labs’ XRP Ledger payment network, the XRP token has had a remarkable comeback, surging over 20% in hours. 

Although this sudden surge comes after a prolonged downtrend against Bitcoin, it has positioned XRP as the best-performing asset in the CoinDesk 20 Index (CD20). Meanwhile, the broader market experienced only a 5% gain. 

XRP’s Struggle and Surge

While the recent crypto market rallied with Bitcoin leading the race and meme coins and altcoins following, XRP had been notably absent, marking a three-year low against Bitcoin. 

Despite today’s impressive surge, XRP remains up only 17% year-to-date, significantly lagging behind Bitcoin’s 64% gain and the broader CoinDesk 20 Index’s 54% gain. The recent upswing positions XRP at $0.74, marking its highest price since a brief spike in November.

Various Reasons for XRP’s Bull Run 

XRP’s price for more than three years ago has made people make assumptions on what factors may have caused the jump. While there is no such obvious trigger that can explain the surge in this price, the large whale transactions from Binance into unknown accounts have drawn quite a lot of attention.

An incredible fact is that a transfer of 300 million XRP valued at $187 million from Binance to an anonymous wallet was the precursor to the XRP’s move in price. Then, just like this huge transaction, synonymous huge transactions involving large amounts of XRP followed. 

Therefore, the crypto community always talks about possible whales or exchange counterparts who might be taking action in the market.

Besides the sale of whales, many other conditions contributed as the most likely factors that made the XRP price appreciate.

The factor might be Ripple’s Cross-Border Payments System. Ripple’s RippleNet is a platform that enables banks to settle cross-border payments instantly, with XRP as the key player in the global financial system.

While the XRP price has been affected by the SEC lawsuit with Ripple, the future of the token is still unclear. 

Moreover, the tightening deadline for Ripple to submit its transaction records to the court is about to expire. In the not-too-distant future, the remedies-related decision will be passed. A proper resolution will often lead to a rise in the cryptocurrency price, creating massive bullish momentum.

Tony Edward’s Bullish Stance 

Expert crypto analyst and founder of the Thinking Crypto podcast shared his XRP trading strategy on X, revealing a strategic entry point at $0.55 with a target selling price of $1.35.

He says, “$XRP’s turn is coming, and it’s always a laggard. There will be pullbacks before it rips, but when it rips get ready! Could see something happen later this month.” 

Edward’s bullish outlook aligns with observations of liquidity flowing from Bitcoin to altcoins, creating favorable conditions for XRP.

XRP’s sudden surge of 20% comes after 3 long winters. Massive transactions on Binance and positivity from influential figures like Tony Edward have created a suitable environment for XRP’s resurgence. However, investors must apply caution as the SEC vs Ripple lawsuit remains unresolved.

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After buyers confirmed the support at 54 cents, XRP returned on an uptrend. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.60, $0.68

1. Buyers Successfully Defend Key Support

This past week, sellers attempted to stop XRP’s rally and pushed the price back on the support at 54 cents. However, buyers were not fazed and they managed to regain control of the price action which is now back on an uptrend.

2. Higher Low Confirms Uptrend

Since the price was well defended at 54 cents, XRP made a higher low. If the trend continues, this should be followed by a higher high which has as targets 60 and 68 cents.

3. Bullish Reversal on Weekly RSI

The weekly RSI has made an inverted head and shoulders reversal pattern, which could soon see it break above 50 points. If that happens, then the price may continue its uptrend and aim to reach 60 cents next.

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The rally that began after XRP broke above 54 cents appears to be picking up speed. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Buyers Continue to Dominate

Sustained buy volume has pushed XRP to almost 57 cents at the time of this article and gives confidence that this rally may just be starting. The resistance at 68 cents is the current target for this uptrend.

2. Bullish Momentum Intensifies

As the price moved upward, the candles on the three-day timeframe made higher highs with expanding bodies. This signals that the bullish momentum is intensifying. The three-day RSI has also moved above 50 points, placing it on the bullish side.

3. Bullish Cross on the MACD

The three-day MACD did a bullish cross. This is a significant change in the price action and shows that this rally is only beginning to materialize. If the past is of any indication, XRP has a good chance to move higher for the rest of the month and test the key resistance at 68 cents.

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XRP broke the resistance at 54 cents and is on the move to higher levels. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. The Price Broke Above a Key Level

With the resistance at 54 cents turned into support, buyers have free reign until the next key target at 68 cents. This reversal was expected, as indicated in our last analysis. The bias has also turned bullish based on this price action.

2. Strong Buy Volume Leads the Charge

In the past two days, buyers have dominated the chart, and XRP has not seen such a high buying volume since early January. There is still some distance to cover until 68 cents, but historically, this cryptocurrency can easily rally double digits in a single day.

3. Momentum Indicators Show a Breakout

The 3-day RSI has reached a higher high and also broke above its moving average, which signals momentum has shifted bullish. This confirms the breakout at 54 cents with the expectation that the price could easily go higher from here.

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TL;DR

• Ripple’s XRP has been outperforming other cryptocurrencies, currently valued at around $0.68, with anticipation of surpassing the $0.70 mark.
• The price surge is attributed to favorable developments in Ripple’s ongoing lawsuit with the SEC, which experts suggest could further boost XRP and positively impact the entire crypto market upon a final court decision expected in spring 2024.
• Analysts, including X (Twitter) user Dark Defender, forecast a significant potential bull run for XRP, with price targets at $1.88, $5.85, and even $18.22 based on technical indicators and a successful past prediction.

Ripple (XRP) Defying the Market Trend

Ripple’s native token – XRP – has been one of the best-performing cryptocurrencies lately. Moreover, the asset continues to flash green even though many other digital assets have consolidated around yesterday’s prices or have even slightly plunged. 

Currently, XRP is worth approximately $0.68 (per CoinGecko’s data), giving bulls fresh hopes that breaking above the $0.70 milestone and a further rally could be on the cards.

One reason behind the coin’s price increase could be the positive developments surrounding the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The blockchain enterprise seems to have the upper hand in the battle, having won three major (yet partial) court victories. The outcome is expected in the spring of 2024 when the organizations face each other on a grand trial. 

Many experts believe that a decisive win for Ripple could prompt an additional XRP surge and even benefit the entire cryptocurrency sector. 

Another factor playing a role in the asset’s 10% spike today (November 6) could be the reigning optimism in the digital asset space. Some participants expect major regulatory advancements, such as the approval of the first spot BTC ETF, to finally see the light of day in the US.

XRP on the Verge of Big Move?

Analysts, such as the X (Twitter) user Dark Defender, believe that XRP’s recent price increase is just the beginning of a bull run that could take the asset to unseen levels. 

They think the uptrend could continue all the way to $18.22, assuming it closes above the $1.88 Fibonacci target, which was set as “a short-term target:”

“I don’t think XRP will stay long around the $1 level since the Sub-Wave 3 has 3 main targets: $1.88, $5.85 & $18.22 Par/SAR indicator is expected to turn green soon, which will add volume to the move. We are above Ichimoku in the weekly, which is positive,” the analyst surmised.

It is worth mentioning that Dark Defender correctly predicted that XRP would jump to $0.66 before last week’s end.

Those curious to find out how high the asset could go in the remaining months of 2023 could take a look at our video below:

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TL;DR

• Ripple’s XRP price surged to $0.62, potentially due to successive legal victories against the SEC, including a partial win in July and dismissal of charges against Ripple executives.
• The positive sentiment around Ripple is bolstered by expectations of a near-complete win in the ongoing legal battle, with a decisive trial set for April 2024.
• The general crypto market is experiencing an upswing, with leading assets like BTC, SOL, DOT, and AVAX all showing significant gains alongside XRP.

Ripple Marching Towards a Decisive Victory

Ripple’s native token – XRP – spiked to almost $0.62 (per CoinGecko’s data) a few hours ago, tapping its highest level since mid-August. Its positive price performance could be based on the company’s winning streak against its big enemy – the US Securities and Exchange (SEC).

Ripple secured its first partial victory in July when a Federal Judge determined that the firm’s programmatic sales from years ago did not constitute an offer of investment contracts. XRP reacted with a rapid increase above $0.85 but descended to approximately $0.50 in the following days. 

The Ripple community cheered two more times in October – when the US magistrates dismissed the SEC’s intention to appeal the initial ruling and when CEO Brad Garlinghouse and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.

Multiple analysts and experts believe the organization is one step away from a final victory in the lengthy battle that has been ongoing since December 2020. A trial set for April 2024 should determine the outcome of the dispute.

The Market Flashes Green

XRP’s price increase coincides with an overall market surge, with most leading digital assets charting substantial gains. Bitcoin (BTC) briefly touched the $36K mark, while Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Aave (AAVE) are also performing quite well.

Those willing to check whether XRP has a chance of a further rally in the remaining months of the year could take a look at the video below:

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TL;DR

• XRP’s Performance: Ripple’s XRP recently surpassed the $0.60 mark, the highest level in 11 weeks. This surge is attributed mainly to the favorable progress in the Ripple-US SEC lawsuit and the rediscovery of advice from legal scholar Joseph Grundfest cautioning the SEC against suing Ripple.
• Market Context: XRP’s rise stands out as most major cryptocurrencies have shown mild gains or maintained their previous levels.
• Future Outlook: Some analysts, like Dark Defender on Twitter, believe XRP could climb to $0.66, citing the formation of a “Bull Flag Pattern.”

XRP Among the Top Performers

Ripple’s native token – XRP – has been among the best-performing cryptocurrencies lately, with its price spiking towards fresh peaks. Several hours ago, it crossed the $0.60 mark for the first time in 11 weeks. The leading factor behind the uptrend could be the positive development of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

The blockchain enterprise has so far secured three partial victories that have given it the upper hand in the trial next spring. As CryptoPotato recently reported, a curious revelation that resurfaced after nearly three years might also play a role.

Specifically, the prominent US lawyer John Deaton (who represents thousands of XRP investors in the lawsuit against the regulator) reminded of a letter written by renowned American legal scholar Joseph Grundfest. The latter advised the previous SEC commissioner, Jay Clayton, not to sue Ripple, as it would mean a systemic, international risk that could hurt many innocent individuals.

It is worth mentioning that XRP’s impressive performance comes amid a market consolidation where most of the leading digital assets have either charted mild gains or kept trading at their approximate levels from yesterday (October 31).

Is There Potential for Further Increase?

Some analysts have argued that XRP’s rise would not cease here. The popular X (Twitter) user Dark Defender recently suggested that the coin could soon shoot to $0.66 since it has formed a “Bull Flag Pattern.”

Those curious to find out whether XRP is poised for an additional jump in the remaining months of 2023 could take a look at our video below:

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