The post XRP Price To Hit $1 in Q4 With Golden Cross and Ripple vs SEC Settlement Ahead appeared first on Coinpedia Fintech News
The XRP market is waiting for a fresh bull run by Q4 based on XRP’s technical analysis, large whale accumulation, and the nearing resolution of Ripple’s legal battle with the SEC. The XRP/USD pair could finally see values near or above $1, which it hasn’t attained since 2021.
Interestingly, after raising the levels by over 40%, the bulls appear exhausted, raising alarms for the XRP price rally. Furthermore, the token is currently in a critical phase that could either spark a significant surge or result in a 12% decline if it fails to hold onto the support.
A bull or bear, where will XRP go? Let’s find out!
XRP Price Rally on Horizon
Despite current bearish forces, XRP remains under a bullish influence, with the potential to reclaim lost levels and reach new yearly highs.
XRP’s price is approaching a critical breakout, marked by a symmetrical triangle pattern on the weekly chart since early 2018. This pattern shows converging trendlines and testing the upper resistance. To target the next major level around $1, XRP must first overcome the $0.86 barrier, which has been significant in early 2022 and mid-2023.
Technical indicators support this positive outlook. The weekly relative strength index (RSI) is rebounding from 50, showing rising buying momentum, and increased trading activity, as seen in the volume profile, suggests a potential rally.
Golden cross on weekly $XRP chart!RSI looking real good to at around 44.31. If we keep this momentum its about to take off to the MOON.Even better that #Ripple might be finally close to an settlement with the disgusting #SEC based of news lately.#BullMarket #Crpytocurrency pic.twitter.com/9GKcWqe7K2
— Rarara (@Nico369K) July 22, 2024
Ripple Whale Accumulation
Moreover, Onchain data from Santiment shows that big investors, or whales, have been buying more XRP recently. The richest XRP holders, those with over 1 billion tokens, have increased their holdings from 40.27% to 41.44% in 2024. Whales with 1 million and 10 million XRP have also been buying more.
This is usually a good sign because these large investors expect prices to go up and can influence the market to make it happen.
Ripple vs SEC Update
The prolonged legal battle between Ripple vs SEC appears to be nearing its conclusion. In 2023, Judge Analisa Torres ruled that XRP is not a security when sold on digital asset exchanges, marking a partial victory for Ripple. However, XRP is still considered a security when sold to institutional investors, meeting the conditions of the Howey test.
A recent meeting between Ripple and the SEC to discuss potential settlements has been rescheduled to July 25, 2024. Experts believe the XRP price will surge after the Ripple vs. SEC case settles, with a potential bull run by October. Additionally, the approval of an XRP spot ETF could further boost market interest and price.
However, not everyone agrees with the fairy tale of settlement, Former SEC lawyer Marc Fagel doubts a settlement, suggesting the case might continue. However, Ripple CEO Brad Garlinghouse hopes for a resolution before the end of summer 2024.
