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Highlights
- XRP price preparing for a major rally after the Ripple vs SEC lawsuit.
- XRP price chart formed "golden cross" bullish pattern.
- XRP buying in derivatives market indicates upside momentum.
- XRP ETF and RLUSD stablecoin fuels positive sentiment.
XRP price holds strong momentum despite the crypto market selloff in the last 24 hours. Traders anticipate a start of a massive rally in XRP crypto after the Ripple Labs vs SEC lawsuit concluded in the company’s favor. The company continued to grow and expand during the long-running case, but investors’ returns were impacted as the price didn’t move significantly as compared to other crypto. Investors have now turned bullish and eye a long-term XRP rally.
XRP Price At the Start of a Big Rally?
US SEC v. Ripple Labs Ended
Judge Analisa Torres ordered Ripple Labs to pay $125 million in penalties only to the U.S. SEC, significantly lower than $2 billion sought by the government agency. Ripple’s ODL business is not impacted much despite the injunction as the company does more such deals outside the United States.
The latest ruling is considered a victory for the company and the crypto community. However, the recent crypto market crash wiped out the positive sentiment and XRP price fell below $0.50. The price has recovered 25% since then as investors remain bullish on XRP. Notably, the latest market recovery can trigger the most-awaited rally that was not witnessed after Ripple Labs’ win.
XRP ETF Anticipation And RLUSD Stablecoin
Immediately after the ruling, Ripple Labs announced further plans related to RLUSD stablecoin. The crypto payments firm started testing its stablecoin Ripple USD (RLUSD) on XRP Ledger and Ethereum.
The crypto community is extremely confident about XRP ETF launch after it gets clarity from the court. The company’s CEO Brad Garlinghouse said the launch of an XRP index by CME and CF Benchmarks has increased the odds of XRP ETF.
These developments are expected to bring massive upside momentum in XRP price. While Wall Street giants such as BlackRock denied plans to issue XRP ETF at this time, companies have started using XRP. Wells Fargo nodded to the use of XRP for loan payments and settling of credit card debts.
Bitnomial Exchange, a designated contract market, has officially informed the CFTC of its plans to introduce XRP/USD futures contracts.
XRP Price Chart Forms Golden Cross Pattern
XRP chart has formed a bullish chart pattern called the “golden cross”. This pattern forms when a short-term moving average (MA) crossovers above a long-term moving average.
In the daily timeframe, the 50-MA (blue) has crossed over 200-MA (red) to confirm the formation of a golden cross. This resulted in the recent XRP uptick of 7% in the last 24 hours. This makes traders extremely bullish considering the golden cross pattern formation.
XRP Buying in Derivatives Market
The derivatives market is also witnessing huge demand for XRP. As per Deribit exchange, XRPUSDC linear options open interest has jumped significantly and options traders are betting for a target as high as $1.
The total XRP futures open interests are rising again. Coinglass data indicates a 5% drop in XRP OI across crypto exchanges after an 11% jump a day ago.
XRP price has pared some gains and is now up 2% down over the last day, with the price currently trading at $0.598. The 24-hour low and high are $0.588 and $0.614, respectively. Furthermore, the trading volume has decreased by 30% in the last 24 hours, indicating a decline in interest among traders. An XRP price analysis predicted a rally to $1 is feasible but only in a condition.
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