XRP price exhibits signs of a major run to $1 after collecting liquidity at $0.55 support. This short-term to medium-term bullish outlook may materialize despite the Securities and Exchange Commission’s (SEC) likeliness to appeal the Ripple lawsuit.
Last year, Ripple price rallied to $0.93 following the partial ruling in the lawsuit, but a sell-off occurred, wiping out all the accrued gains to $0.3 support.

XRP Price Market Movers: Lingering SEC Lawsuit Appeal and Robust Fundamentals

XRP price exchanged at $0.5748 amid calls for a major uptick in the price toward $1. However, the looming appeal by the Securities and Exchange Commission (SEC) in September could make the recovery journey an uphill task. Ripple emerged the obvious winner of the long legal battle, considering the $125 million penalty imposed by Judge Analisa Torres.
Despite granting the agency’s injunction ordering Ripple not to violate US securities laws, Torres fell short of discontinuing direct sales of XRP to institutional investors—a factor likely to rattle the SEC and increase the chances of an appeal. The Gary Gensler-led regulator tried but failed to appeal the partial ruling in July 2023—the second bone of contention likely to trigger an appeal motion.
Ripple’s fundamentals are surprisingly strong despite the uncertainty around the lawsuit. Large volume holders continue to stack XRP, especially those with broadband of between 1 million and 10 million coins. According to Santiment data, this cohort of whales accounts for 6.34% of the total supply, approximately 3.34 billion XRP. If their appetite for the token increases unfazed by the lawsuit or the generally dampened market sentiment, XRP price could attempt an upswing toward $0.75.

Ripple supply distribution

The protocol’s network growth shows signs of a recovery, suggesting new users are slowly coming on board. Investors must, however, consider the MVRV ratio, which holds at 2.44. In other words, Ripple holders are profitable but insufficient to call for profit-taking. Therefore, they will be inclined to buy more, anticipating a price increase to maximize gains.

Ripple MVRV ratio | Santiment

Ripple Price Prediction As Bulls Push To Ignite Reversal

XRP price holds under the 200-day Exponential Moving Average (EMA) after bouncing off the lower range limit support near $0.55. The Relative Strength Index (RSI) highlights a possible sideways action before determining the next major move.

However, a bullish outcome will likely follow based on the short-term four-hour range fractal as illustrated. If the bullish fractal plays out, XRP price will gain momentum to tackle resistance at $0.64 (upper range limit). FOMO could grip investors, especially whales, bolstering Ripple’s chances of reaching $0.75 and up to $1.

Ripple price chart | Tradingview

Resistance at the 200-day EMA cannot be underestimated, implying that traders should be ready for all possible scenarios, including a correction to $0.55. The areas at $0.5 and $0.45 will be critical for DCA strategies if the XRP price plummets further down.

The post XRP Price Prediction: Will September End Ripple Price Woes? appeared first on CoinGape.

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Filed under: News - @ August 29, 2024 3:24 pm