XRP surged 12% in 7 days despite a $125 million legal fine.
Whale activity suggests potential significant price movements for XRP.
As Q3 unfolds, the altcoin market continues to grapple with bearish conditions. However, XRP stands out with a notable surge, climbing 12% over the past week from a low of $0.4319. Currently trading at $0.5803, XRP’s recent performance contrasts with the broader trend of slow recovery among altcoins. Analysts remain optimistic, predicting a potential bull run for XRP shortly.
Despite this positive movement, XRP has faced legal setbacks. On Wednesday, a federal judge in the Southern District of New York, Judge Analisa Torres, imposed a $125 million fine on Ripple. The penalty was levied after Ripple was found to have conducted 1,278 institutional sale transactions in violation of securities laws. This fine, although substantial, is significantly lower than the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties sought by the SEC.
In trading activity, XRP’s price has recently fluctuated between $0.5688 and $0.5831, with a 6% decrease in trading volume. Despite this, the whale-to-retail delta has reached an impressive 30.63, indicating heightened interest among XRP holders. This increased whale activity could trigger significant price movements, with many anticipating a potential rise to the $0.6487 target level.
XRP Bulls On The Play?
Analysts forecast a bullish outlook for XRP, suggesting a possible dramatic price increase if the coin breaks out of its current consolidation phase. Notably, Javon has projected that it could reach approximately $263 if it follows a full logarithmic trajectory, marking a 42,000% increase from current levels.
XRP Price Chart, Source: Sanbase
As it navigates a volatile market, the 9-day EMA is at $0.5723, with the daily RSI at 52, indicating a neutral position. Should bullish momentum return, it could potentially rise to $0.6050 and $0.6274. Conversely, if bearish trends persist, the price may retrace to $0.5363 and possibly further to $0.5047.
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