Ripple-backed XRP recorded a spike of over 114 percent in the daily average traded volume to about $1.572 billion.
The Grayscale XRP Trust was closed early in 2021 following the lawsuit filed by the SEC against Ripple.

The fifth-largest digital asset, XRP, rallied in tandem with Bitcoin price action in the past 24 hours following the game-changing ruling by the U.S. Court of Appeals for the D.C. Circuit in favor of Grayscale Investments and against the SEC. According to the latest crypto market data provided via TradingView, XRP price hovered around 53 cents. After the court issued the ruling, XRP price gained over 5 percent to reach a 24-hour high of about 54 cents, but has since corrected.

The XRP community was elated after the SEC lost in the court of appeal, even though the agency could appeal further in the Supreme Court. Mind you, the United States SEC has already filed an interlocutory appeal, which awaits either dismissal or approval from District Judge Analisa Torres. The SEC loss in the U.S. Court of Appeals for the D.C. Circuit against Grayscale Investments was undeniably perceived positively for the XRP and Ripple community.

Already, the Ripple community is expected to convene for a celebration, on September 29 in New York City, following the monumental win against the SEC last month. Furthermore, XRP has already been relisted by the cryptocurrency exchanges that had delisted it after the lawsuit began in late 2020.

Can XRP Price Continue Rallying Further?

From a technical standpoint, XRP price is well positioned to continue in a macro bullish momentum. Furthermore, the Ripple-backed digital asset has been trapped on a rising trend since the calendar flipped in January. Following Tuesday’s rebound from a crucial support level of around 51 cents, XRP price could continue rallying in the coming weeks toward a new high for this year.

In the 1-hour time frame, the XRP price was sitting on a crucial support level backed by the 50 and 200 Moving Averages (MA). If the XRP bulls take over from the current levels, the altcoin is likely to rally toward the next resistance zone of around 58 cents. Should the XRP correction continue in the coming days, crypto experts believe the altcoin could find the next major support level of around 46 cents.

Moreover, XRP price has been trading inside a symmetrical triangle on the weekly and monthly time frames since it hit its ATH, around $3.4 in early 2018. In this regard, crypto analysts believe XRP price is headed to trade above $1 towards $1.3, which is the upper border of the symmetrical triangle.

Fundamental Market Outlook

The future growth prospects of XRP are highly influenced by the adoption of Ripple’s payment products including On-Demand Liquidity (ODL). Already, the XRPL has found other niches in the markets through the adoption of smart contracts, which has enabled the development of NFTs, and stablecoins. As a globally traded digital asset, XRP is expected to be among the top crypto assets that are adopted by mainstream users.

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Filed under: Bitcoin - @ August 31, 2023 6:23 am