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Highlights
- XRP price holds steady within the long-term $0.55 and $0.64 range ahead of a major breakout.
- The SEC will likely appeal the Ripple case on key matters, including secondary sales of XRP.
- XRP seeks a breakout above the 200-day EMA resistance as whales fill their bags.
XRP price stands out among top altcoins, with modest gains on Thursday, signaling a rally is in the offing. The money transfer token has been following in the Bitcoin footsteps this August in spite of concerns about the Securities and Exchange Commission’s (SEC) filing an appeal motion in September.
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. After the partial ruling in the lawsuit last year, Ripple price rallied to $0.93, but a sell-off occurred, wiping out all accrued gains to $0.3 support.
- 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 protocol’s network growth shows signs of a recovery, suggesting new users are slowly coming on board. Investors must, however, consider the MVRV ratio, which holds at 2.44. In other words, Ripple holders are profitable but insufficient to call for profit-taking. Therefore, they will be inclined to buy more, anticipating a price increase to maximize gains.
Ripple Price Prediction As Bulls Push To Ignite Reversal
XRP price holds under the 200-day Exponential Moving Average (EMA) after bouncing off the lower range limit support near $0.55. The Relative Strength Index (RSI) highlights a possible sideways action before determining the next major move.
However, a bullish outcome will likely follow based on the short-term four-hour range fractal as illustrated. If the bullish fractal plays out, XRP price will gain momentum to tackle resistance at $0.64 (upper range limit). FOMO could grip investors, especially whales, bolstering Ripple’s chances of reaching $0.75 and up to $1.
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.
Frequently Asked Questions (FAQs)
1. Why is the XRP Ledger?
2. What is the XRP Ledger known for?
3. Will XRP price reach $1 in 2024?
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