Todas as notícias passam por uma rigorosa verificação de fatos e são revisadas por especialistas em blockchain y profissionais experientes do setor.
- XRP price has been trapped in a macro symmetrical triangle since 2018 that is fast approaching the tipping point in tandem with a successful Ripple victory against the US SEC.
- With a similar price action to the period between 2013 and 2017, crypto experts believe a similar breakout could be brewing in the next bull run that is expected after the Bitcoin halving early next year.
The XRP digital asset has grown to a mature ecosystem thanks to a combination of factors including the development support from Ripple, a vibrant global community, and the ongoing lawsuit filed by the United States Securities and Exchanges Commission (SEC).
According to the latest crypto market data, XRP price traded around 48 cents with an average 24-hour trading volume of approximately $738 million. For comparison purposes, Binance coin (BNB) and Solana (SOL) recorded an average 24-hour trading volume of about $309 million and $297 million respectively.
The higher XRP trading volume is mainly due to the utility offered through the On-Demand Liquidity (ODL) that facilitates cheaper, faster, and more secure cross-border payments. Moreover, Ripple has been working with both traditional financial institutions and the web3 industry to facilitate seamless adoption of XRP.
XRP Price Analysis
The XRP price action is highly pegged to the fundamental aspects more than the speculative nature of the crypto assets. For instance, a higher XRP volatility was recorded after the summary judgment in early July that largely ruled against the US SEC.
Notably, XRP price jumped more than 100 percent but the bearish crypto outlook has since obliterated all the gains. Additionally, higher XRP volatility was recorded after Judge Analisa Torres denied the SEC interlocutory appeal motion. However, the resistance level around 53 cents has proved substantial for the XRP bulls.
According to a popular crypto analyst on the X platform, JD (@jaydee_757), XRP price is still creating hidden bullish divergence on the higher time frames despite a short-term weakness that could push the instrument lower. In this regard, the analyst expects the XRP price to find a substantialsupport zone between 35 cents and 42 cents, which coincides with the 0.618 and 0.786 Fibonacci retracements.
Notably, the analyst plotted a symmetrical triangle on the XRP weekly chart that shows the instrument has already broken out and is currently retesting before a rebound to the ATH.
#XRP – PATIENCE & ignoring the news is key! Lets take a step back and look at a more macro view!
Though short term may look scary (even w/all these irrelevant news 🤦♂️), the weekly chart still creating "Hidden Bullish Divergence" on RSI/SRSI
Retweet/like for weekly update! $XRP… pic.twitter.com/SQKJpXQBOy
— JD 🇵🇭 (@jaydee_757) October 11, 2023
With the XRP weekly RSI showing bullish divergence in oversold areas, the analyst is optimistic the trading instrument will run toward $5 in 2025.
Bigger Picture
The XRP price action is largely bolstered by the mainstream adoption of digital assets. As a result, the XRPL developers led by Ripple’s Chief Technology Officer (CTO) David Schwartz, have been working on bringing the DeFi, NFTs, and smart contracts to the XRP ecosystem.
Moreover, the XRPL is an environmentally friendly open-source ledger that supports high throughput with cheap transaction fees. Meanwhile, the XRP price action is weighed down by the Ripple programmatic sales through its crypto exchanges, which has undeniably divided the community at large. Furthermore, XRP could be distributed through staking to the community instead of direct sales.
