In a surprising rally that has left investors speechless, XRP has shattered expectations by reaching a notable high, trading above $0.68 – a price not seen since the early days of August. The momentum has been building up for Ripple’s native token, which has registered a solid 23% surge when pitted against Bitcoin over the last seven days alone.
XRP Price Builds Momentum Ahead Of Final Verdict
Over the last few hours, Ripple’s XRP has been witnessing massive buying interest as it surged past critical resistance levels due to the hype of a final verdict coming closer. This resurgence in value and interest has been influenced by significant activity among large wallet holders, or ‘whales,’ who appear to be consolidating their holdings at a high rate.
Reports indicate that wallets containing between 100,000 to 1 billion XRP are now holding more than at any other point (45.8%) in the year 2023, signaling a strong institutional and investor vote of confidence in the altcoin. In the past week, the value of XRP has experienced a significant increase of 23% when measured against Bitcoin, reaching a milestone by surpassing the $0.68 threshold for the first time since the beginning of August.
Numerous members of the community attribute the latest uptick in market activity to the decision by the US Federal Reserve to maintain current interest rates. However, most of this increase in value has been partly triggered by a series of favorable court decisions for Ripple Labs in its continued lawsuit with the Securities and Exchange Commission (SEC).
Jeremy Hogan, an attorney popular with the XRP community, discussed on social media the potential outcomes of Ripple’s case with the SEC. He engaged with lawyer John E. Deaton’s speculation that a settlement of $20 million would be a near victory for Ripple. Hogan highlighted Ripple’s strategy to argue for a fine based on net profits from XRP sales rather than total sales, referencing their $770 million revenue figure.
He noted the increase in XRP’s price could challenge the claim that it is a security. Hogan also suggested that XRP sales outside the U.S. may not be subject to SEC penalties, and while the SEC can estimate fines, Ripple has room to contest them. Despite debate over the deductibility of certain expenses, Hogan expects the final penalty to be substantially less than $770 million, potentially under $100 million, according to some rumors. This has boosted the ‘HODLING’ sentiment for XRP.
Is XRP Price Ready For $0.9?
Cryptocurrency enthusiasts have been closely monitoring the performance of Ripple’s XRP, and the latest technical analysis from the well-regarded analyst Skew offers a bullish outlook for the altcoin.
On the weekly chart, XRP is painting a bullish picture, indicating a robust foundation at the $0.60 level, which is acting as a high time frame (HTF) support. This level is crucial for maintaining the current long-term uptrend, suggesting that as long as XRP remains above this support line, the sentiment remains positive for growth.
The analysis points toward a notable resistance at the $0.90-mark, which XRP must overcome to continue its upward trajectory. This resistance level is the gateway toward more substantial gains and rallies above $1.
On a daily (1D) scale, XRP is traversing a “thin area” of the price action, indicating that movement through this zone could lead to more significant price developments. The price range between $0.60 and $0.55 is particularly significant and warrants close observation for those tracking XRP’s progress on both a daily and weekly basis.
Skew’s four-hour (4H) chart analysis brings attention to the same price area from which XRP previously broke down and later broke out—an indicator that this price level is crucial for understanding future price movements. For short-term trading signals, the price range between $0.69 and $0.72 is where Skew suggests keeping an eye out for potential reactions, as this may provide clues to the immediate direction of the trend.
Finally, Skew mentions a retest of the 4-hour Exponential Moving Averages (EMAs) trend, which could occur with a sweep at the $0.69 level. This retest is critical for traders, as it can confirm whether the current bullish sentiment has the stamina to continue.
