XRP has experienced a notable increase, soaring 42% from $0.43, as it closes in on a major resistance level at $0.65.
This surge coincides with an extraordinary trading volume surpassing $6 billion, highlighting an intensified market interest following Ripple’s partial legal victory in its prolonged dispute with the U.S. Securities and Exchange Commission (SEC).
Recently, Judge Analisa Torres delivered a conclusive judgment in the lengthy legal battle between Ripple and the SEC. This decision represented a crucial development, as it marked the end of the case in the absence of any appeals.
Investor Confidence and Technical Indicators
One factor bolstering XRP’s market potential is the significant whale activity noted in recent months. Data from Santiment revealed that wallets holding over 10,000 XRP tokens reached a record high in July, with a notable accumulation of 662.4 million coins in August alone. This 10.4% increase suggests strong confidence in XRP’s future potential among large-scale investors.
XRP’s social dominance also reached its highest level since January 30. This surge in social engagement typically correlates with increased speculative interest, which could further drive the cryptocurrency’s price upward.
Moreover, analyst Tony Severino highlighted a pattern in the parabolic SAR indicator, suggesting a possible upward trajectory.
XRP Could Surge Additional 50%
As XRP continues to navigate through this post-legal resolution phase, the market is closely watching its performance against significant resistance levels. Should XRP successfully breach the $0.60-$0.65 range, it could potentially challenge the $0.9327 mark, indicating a near 50.90% increase from the breakout point.
Additionally, technical analysis points to more potential upward movements. The Relative Strength Index (RSI) currently stands at 57.66, indicating a bullish but not overbought market condition.
Record Trading Volumes
Notably, Ripple’s legal closure has influenced trading activities. For instance, South Korea’s largest cryptocurrency exchange, Upbit, observed a substantial increase in XRP trading volumes immediately following the lawsuit’s resolution.
Reports from The Crypto Basic and insights shared by Chad Steingraber, a prominent game designer and member of the XRP community, indicated an unprecedented spike in volume, with XRP’s trading on Upbit reaching $725 million—representing 14% of the global XRP volume. The per day trading volume of XRP exceeds $6 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
