Sunday, July 21, 2024

XRP on the Rise: Price could extend gains with rising transaction activity in Ripple.

Market players that anticipate a resolution in the US Securities and Exchange Commission’s (SEC) legal action against the payment company continue to discuss ripple. There is a noticeable increase in the number of XRP transactions during settlement discussions.

The price of XRP fluctuated sideways below $0.6400 during December, but many believe the altcoin will eventually rise.

Daily Digest Market Movers: Ripple transaction activity increases as XRP holders await a settlement in the SEC v. Ripple litigation.

  • Holders of XRP are anticipating a conclusion to the SEC’s case against Ripple, and excitement is growing in the neighborhood. The US SEC and Ripple’s private meeting on November 30 stoked expectations of a settlement discussion. As a result, even if Ripple has won part of the lawsuit, the SEC case still has an impact on how XRP holders see the altcoin.
  • According to data from XRPscan, transaction activity in XRP has increased since mid-August 2023 and for the first time in three months, it surpassed the 1.38 million mark.
  • The CEO of Ripple, Brad Garlinghouse, spoke with CoinDesk about his opinions regarding the SEC v. Ripple lawsuit. Garlinghouse thinks the SEC would actively pursue legal action against other cryptocurrency projects if Ripple had not been able to win a portion of the complaint and if the executives’ case had not been dropped.
  • As XRP holders anticipate the court dates set by Judge Analisa Torres for 2024, a settlement remains a possibility.

Technical Analysis: A return of XRP to $0.75 is still likely.

Since December 2023, the price of XRP has been declining below $0.6500. As long as XRP’s upward trend continues, it’s possible that the altcoin may try to return to the $0.7500 mark, which it last touched on November 13.

The price of XRP is around 17% off target. The 10-day Exponential Moving Average (EMA) of the cryptocurrency is supported at $0.6209. The XRP price may encounter resistance on its comeback towards the $0.7500 goal at the 50% retracement level ($0.6820) of the drop from the local high of $0.9403 on July 13 to the low of $0.4237 on August 17.

If there is a drop, the 50-day EMA, which is at $0.6014, could provide support for the price of XRP. The bullish thesis for the price of XRP could be refuted if the daily candlestick closes below the 50-day EMA.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular