As a seasoned crypto investor with a knack for spotting promising trends and navigating through market volatility, I find myself intrigued by the recent developments surrounding XRP. The asset’s 2% increase over the past 24 hours, coupled with the declining supply on exchanges, suggests that we might be witnessing the early stages of a significant uptrend.
TL;DR
- XRP’s price saw a slight increase in the past 24 hours and a declining supply on exchanges suggests a further uptrend.
The ongoing legal battle between Ripple and the SEC could impact the asset’s price as both sides consider their next steps ahead of an October deadline.
XRP Might be Gearing up for a Rally
Ripple’s XRP currency has mirrored the overall growth in the cryptocurrency market, experiencing a modest 2% rise over the past day. Just a short while ago, it reached a high of $0.54, but is currently trading at $0.53 according to CoinGecko’s information.
One significant sign hints at a potentially stronger upward trend ahead. This is due to a substantial decrease in the amount of XRP held on exchanges. As reported by Santiment, only 2.58 million XRP tokens are currently stored on trading platforms, which represents the lowest level in around seven months.
As a crypto investor, I’ve noticed that less XRP is available on exchanges, which suggests more investors are choosing to hold their XRP via self-custody methods. This decrease in immediate selling pressure might be seen as a positive sign for the price of XRP, potentially leading to an increase.
Many analysts are also hopeful that the value of this asset will increase in the near future, as suggested by X user CRYPTOWZRD. They pointed out that XRP‘s daily chart closure indicated a bullish trend, hinting at potential further growth in the coming days. “I plan to monitor the intraday chart pattern tomorrow to determine the next trading opportunity,” they also mentioned.
Analysts such as Crypto Bitlord and Mando CT anticipate favorable days for XRP. The former considers the asset underpriced, setting an ambitious target of $27. Meanwhile, Mando CT – well-known for his strong backing of Bitcoin (BTC) – sees a bullish divergence and plans to amass as many XRP tokens as he can due to this positive outlook.
Awaiting for Ripple v. SEC Developments
A significant factor that might lead to increased price fluctuations for XRP is the resolution of the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). Recently, Judge Torres mandated Ripple to pay a fine amounting to $125 million due to infractions against specific securities laws.
In my analysis, the final figure is a significant reduction of 94% from the original $2 billion demand set by the regulators. This substantial decrease has led many, including Ripple’s CEO Brad Garlinghouse, to celebrate it as a triumph or victory.
Both sides have until early October to address the court’s decision, as the SEC appears more likely to take action. Earlier this month, Ripple submitted a motion asking for a delay on the financial aspect of the court’s judgment, which was made in August. The company’s lawyers disclosed that the regulator concurred with the proposed terms and postponed the payment (originally due on September 6).
As a crypto investor, I’ve noticed some speculation among X users that a recent move might signal an upcoming appeal from the SEC. For instance, the American lawyer Fred Rispoli expressed this view, stating:
Exerting such diligence in setting up a trust for the funds increases the likelihood of a successful appeal, as far as I’m concerned. However, it’s also the most prudent strategy for the SEC to prolong the time until the October 7 deadline for filing an appeal.
It’s intriguing to observe how this case might unfold in the coming months and if it could potentially influence XRP‘s price substantially. Precedents show that significant events related to the lawsuit have often caused the asset’s price to jump by double digits.
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2024-09-10 12:06