XRP’s Price Breakout Imminent as Ripple-SEC Settlement Nears, Expert Says
Ripple’s XRP has experienced a significant surge in price following the SEC’s amendment to the Binance lawsuit, specifically related to the treatment of third-party securities. This development has led to speculation about a potential acceleration of the resolution of the longstanding SEC Ripple lawsuit. XRP’s price has surged by over 9%, crossing the $0.65 mark, with a market cap of $36.5 billion and claiming the sixth position by flipping Circle’s USDC.
Overview of XRP 6-Year Triangle
From a technical analysis perspective, XRP has recently broken out from a triangle pattern and could potentially test the $0.90 resistance level. A breakout above $0.90 could pave the way for a rally towards its all-time high, breaking out from 6 years of price consolidation.
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XRP Massive Whales Purchase
Furthermore, there has been a notable increase in XRP whale accumulation, with a significant rise in the total number of wallets holding at least 10,000 XRP over the past five weeks. The current count of such large addresses on the XRP ledger is 279,400, marking a six-month high. This surge in whale addresses seems to be strongly correlated with the altcoin’s market value.
Analysts attribute the surge in XRP to the SEC’s exclusion of other altcoins like Solana (SOL), Cardano (ADA), Polygon (MATIC), and others from the ‘securities’ category in the Binance lawsuit. This move is expected to facilitate a faster settlement in the XRP lawsuit.
Ripple CEO Stance on SEC
Ripple CEO Brad Garlinghouse has criticized the US SEC for its inconsistent regulatory practices and unclear rules, expressing that the federal regulator lacks consistent rule implementation in the crypto space. The recent amendment may open up opportunities for Ripple to counter the identification of XRP as securities by the SEC.
XRP Price Action and Market Trends
The recent surge in XRP’s price to $0.65 has been accompanied by a remarkable 133% surge in daily trading volumes to $2.726 billion. Additionally, the altcoin is trading comfortably above its 50-day and 200-day moving averages.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
