XRP Price Sets Out To $1 As Ledger Activity Blows Up
Highlights
- Amid the formation of a triangle pattern, the XRP price could continue to extend to a sideways trend.
- The $0.5 level accompanied by EMAs (20, 50, and 100) confluence creates a high-demand zone.
- The intraday trading volume in the XRP is $2.32 Billion, indicating a 29% loss.
XRP price resumed the uptrend on Friday after a brief hiatus on Thursday caused by jitters over a dumbfounding hack attack on India’s WazirX exchange. The entire crypto market was shaken up but due to an ongoing bullish sentiment, prices remained relatively stable.
As Bitcoin price reversed the trend from support at $64,000, so did XRP which is about to flip resistance at $0.6. Should the rally continue above this level, traders will consider adding to their long positions thus building momentum for a larger breakout to $1.
Meanwhile, the majority of major altcoins including XRP are riding a high momentum rally projecting the opportunity to recover the loss of June’s downfall. The XRP price trades at $0.59 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.
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 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)
1. What is the SEC in the context of financial markets?
2. How does the SEC vs. Ripple court case impact the XRP?
3. Why is the growth in the number of addresses considered as bullish?
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