The price of XRP rose to a 10-day high of $0.62 on August 20, 2024. Data on the chain suggests that following Ripple’s positive ruling against the U.S. Securities and Exchange Commission, XRP traders increasingly shifted their focus toward long-term savings, contributing to higher prices.
Over the past couple of weeks, XRP has outperformed other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The recent legal victory against the U.S. Securities and Exchange Commission served as a significant bullish catalyst, boosting investor confidence and driving a sustained uptrend in the price of XRP. .
A chart review provided by TradingView reveals how the price of XRP rose from $0.43 on August 5 to $0.615 on August 20, representing an increase of 42.2%. This rise coincided with the positive verdict of August 6, which ended a lawsuit that began in 2020.
Positive judgment has encouraged more investors to consider XRP as a long-term investment, contributing to the sustained upward momentum in XRP’s market capitalization. .
XRP traders move 100 million coins to long-term storage
The SEC ruling sparked a significant change in investor behavior. The data on the chain indicates a significant increase in the number of investors moving XRP to long-term savings portfolios. This shift is evidenced by declining stock exchange reserves, as traders choose to move their holdings from XRP to cold storage.
Stock exchange reserves – a measure of the total number of assets held in stock exchange portfolios – have declined, suggesting that investors are now leaning more towards long-term savings.
Potential XRP price breach amid Ripple’s legal moves
New insights reveal that Ripple’s XRP cryptocurrency is approaching a crucial price breakout in its price history. A symmetrical ascending triangle pattern has formed over the past six years, characterized by converging trend lines indicating higher lows and lower highs. This pattern usually indicates a possible price rise in the direction of the current trend. If historical trends are indicative, similar to the 2017-2018 rally where XRP prices rose Significantly, this could mean bullish momentum in the future once a breakout occurs. However, this large price movement may not be fully realized until after the first half of 2025.
The U.S. Securities and Exchange Commission may appeal Ripple’s judicial victories: Ripple CLO Recently, Ripple’s chief legal officer Stuart Alderrotti, in a conversation with securities law professor J.W. Ferret, assumed that the U.S. Securities and Exchange Commission might appeal the federal court’s decision on XRP status. Last July, federal judge Annalisa Torres ruled that XRP’s sales on cryptocurrency exchanges conducted by Ripple are not considered securities, unlike sales the company made to financial institutions. This decision by the court briefly helped the price of XRP rise. This year, the court again ruled in Ripple’s favor after the securities regulator requested $2 billion in fines and penalties from the blockchain giant. The court decided that $125 million would be a fair amount to be paid in this case. Ripple CEO Brad Garlinghouse boasted this as a major victory for Ripple and the entire cryptocurrency space. However, many experts now believe that the SEC may appeal the court’s decision. However, he believes Aldrouti that even if the regulator appeals, the court’s ruling will not be different.
Ripple rises above key resistance with strong buying momentum
The Ripple (XRP) price is back above a key resistance level known for keeping the altcoin unified and preventing major corrections. The price of XRP benefits and can continue to benefit from the positive behavior of investors. The altcoin RSI has established itself strongly in bullish territory, remaining above the neutral line. This situation indicates strong and active buying momentum within the market, indicating that traders are confident in XRP’s current performance.
The RSI move into the bullish territory is a positive sign for investors, as it often precedes the continuation of the bullish price movement. This trend reflects growing optimism among market participants, who can accumulate XRP in anticipation of future gains.
In addition to the bullish RSI, the average age of XRP (MCA) has shown a steady sending, even in the face of recent market corrections. The rising average age of XRP indicates that long-term XRP holders maintain their positions, demonstrating a strong conviction in the asset’s potential.
This conviction among XRP holders played a crucial role in aiding the recovery. Despite short-term volatility, the steady increase in the average life span of XRP highlights investors’ confidence in XRP’s long-term value, enhancing its resilience in the market.
Bitcoin, Ethereum and XRP are trading below important support levels at $60,000, $2,600 and $0.60 early Wednesday.
The price of XRP is trading at $0.59, above the crucial $0.58 support level, which coincides with the 38.2% Fibonacci retracement line. In the past, this support level has prevented the altcoin from recording significant losses.
The three cryptocurrencies erased the gains they made at the start of the week as traders turn their attention to other categories of cryptocurrencies such as artificial intelligence (AI) and Tron ecosystem meme coins launched on SunPump.
