The closure of the Ripple vs SEC lawsuit that saw the firm ordered to pay $125 million in civil penalty has significantly freed XRP from bearish sentiments.
Key Notes
- XRP price has signaled an inevitable bullish breakout against Bitcoin and the US dollar.
- Ripple has made several initiatives to build the XRPL into a vibrant web3 ecosystem.
Amid the recent crypto bullish outlook triggered by the economic shift in the United States, following the 50 bps Fed rate cut, Ripple Labs-backed XRP
XRP
$0.59
24h volatility:
-0.2%
Market cap:
$33.08 B
Vol. 24h:
$1.24 B
has been attempting to rally beyond crucial resistance levels. The large-cap altcoin, with a fully diluted valuation of about $58.6 billion and a daily average traded volume of about $1.5 billion, has gradually been gaining against Bitcoin
BTC
$62 648
24h volatility:
-1.0%
Market cap:
$1.24 T
Vol. 24h:
$13.43 B
in the recent past.
After being trapped in a falling trend in the past years, the XRP/BTC pair recently retested a major support level and rebounded.
From a technical standpoint, XRP price against Bitcoin will soon explode toward the previous all-time high, if history repeats. Such a scenario would trigger a major XRP bull run against the US dollar, which is already weakening amid the ongoing global de-dollarization fueled by the BRICS movement.
History doesn’t always repeat itself but often rhymes.
It seems like 2017 similar move is about to happen this cycle. pic.twitter.com/nKMwfyOsaK
— Mikybull 🐂Crypto (@MikybullCrypto) September 20, 2024
In the weekly time frame, XRP price against the US dollar has been forming an inverted head and shoulder (H&S) pattern coupled with a bullish divergence on the Relative Strength Index (RSI). A consistent close above the 200-weekly Moving Average (MA) will send the XRP price toward the next liquidity range above 70 cents.
XRP Whales Make Waves
According to on-chain data analysis, XRP whales have been busy accumulating more coins in the recent past at discounted prices. In the past ten days, market intelligence platform Santiment revealed that whale investors purchased more than 380 million XRP, worth over $228 million.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million! pic.twitter.com/Fs9ayiHITA
— Ali (@ali_charts) September 19, 2024
The demand for XRP among institutional investors is expected to grow exponentially as Ripple further enhances its cross-border payments. Furthermore, Ripple has partnered with dozens of global financial institutions to revolutionize their cross-border payments with XRP through the on-demand liquidity (ODL) program.
Following the notable Ripple growth, Grayscale Investment announced earlier today that the recently unveiled Grayscale XRP Trust is open for trading to eligible investors. Notably, Grayscale offers institutional investors a chance to purchase securities that track the Coindesk Ripple Price Index (XRX).
As of this writing, the Grayscale XRP Trust had total assets under management of $689,602, with investors paying an operation fee of 2.50 percent.
Growing Ecosystem
In the past year, Ripple core developers have been working on improving the XRPL network to bolster scalable, secure, and affordable web3 protocols. The Ripple team intends to create value for XRP holders by enabling XRPL programmability, especially by supporting EVM protocols in the near term.
Already, Ripple has launched an XRPL native DEX and AMM, and plans are underway to unveil its fiat-backed stablecoins soon.
The ongoing XRPL development will play a crucial role in the long-term XRP adoption and bullish outlook.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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