The post XRP Approaching The 13 Million Burn; Analysts Foresee A Big Bull Run For XRP appeared first on Coinpedia Fintech News
While XRP has remained with no major price surges recently, it seems like it is going through a substantial recovery, with the amount of burned coins getting closer to a serious level. A remarkable milestone is likely to be approaching in the lifecycle of XRP.
XRP is currently stuck in a downward trend with lower highs and resistance levels that are hard to break. The $0.52 range, which has served as a resistance threshold in recent trading sessions, is one of the important levels to keep an eye on.
Bearish Force Still There
While a break above this level could signal hope for XRP signaling new strength, however, repeatedly failing to close above the level implies that the bearish force is still there.
According to data from XRPScan, XRP is circling below important moving averages, which is not very pressing for an immediate bull market. It does not have the momentum that is required for a big breakout as it is presently trading below the 50 and 100 EMAs.
Adding to it is the declining volume pattern which depicts weakening investor interest that reduces the chance of a quick recovery even more.
Whales Are Stocking Up
However, one uplifting sign is a minor increase in whale activity, evidenced by more significant on-chain transactions. This move could mean that large holders are piling up, anticipating future gains if the market stabilizes or shows signs of improvement.
While the upcoming 13 million burned XRP is noteworthy, that will not greatly alter the situation. The downtrend is still exerting pressure on XRP, and the crucial resistance at $0.52 could reshape its course. For a long-term recovery, overcoming these technical obstacles will be vital.
Analysts Optimistic Over XRP
Some crypto analysts believe that XRP has more upside potential. In an X post, Brett, a crypto analyst hinted that the coin may be on the brink of a new bull run.
: Are We Nearing the Biggest #XRP Bull Run??????$XRP pic.twitter.com/AM4hrFaE6V
— Brett (@Brett_Crypto_X) November 5, 2024
In another post, Dark Defender, another analyst argued that XRP could bounce back. He shared “The daily indicators are oversold; the daily trend is bullish. Weekly & monthly trends are still in the red, so watch out for the support lines.” He expects the coin to rise to $0.5286, followed by $0.60 and $0.66.
Hi all, we closed the monthly candle for October. $XRP bounced back from our support level.The daily indicators are oversold; the daily trend is bullish.Weekly & monthly trends are still in the red, so watch out for the support lines.Resistances: $0.5286, $0.6044, $0.6649… pic.twitter.com/6nkQztC3Kx
— Dark Defender (@DefendDark) November 4, 2024
The Road To Regulatory Clarity
The Second Circuit Court of Appeals has ordered that the SEC must file its brief by January 15th, 2025, in its ongoing case with Ripple. The court ruled that XRP is not a security on the secondary market, which sets a firm legal foundation for future cases and gives clarity to the whole crypto industry. Legal clarity around XRP could further lead to more regulatory certainty for other tokens.
