Ripple-backed XRP price rallied over 40 percent in the last two weeks to hover around 60 cents on Tuesday.
The altcoin industry led by Ripple-backed XRP, Solana (SOL), and Dogecoin (DOGE) has attracted significant attention from crypto investors following the final approval of spot Ethereum ETFs in the United States. As expected, speculation about the next major project after Ethereum would lead to a bullish outlook.
Furthermore, the crypto issue is expected to play a crucial role in the upcoming elections in the United States.
XRP Demand Rises
According to on-chain data analysis provided by Santiment, XRP whales scooped up more than 140 million units last week, worth over $84 million. The XRP whales have been making several purchases on major centralized exchanges in the recent past.
For instance, more than 26.4 million XRP units, worth over $16 million, were transferred from Binance to an unknown address on Tuesday. Consequently, the XRP supply on centralized exchanges has been on the decline despite the monthly sales by Ripple.
🚨 26,472,378 #XRP (16,027,145 USD) transferred from #Binance to unknown wallethttps://t.co/AkO8KCPc9O
— Whale Alert (@whale_alert) July 23, 2024
Notably, Ripple has made deliberate efforts to improve the XRP liquidity and adoption in the past few years. As Coinspeaker previously reported, Ripple has developed the necessary infrastructure to enable XRPL to become the desired option for global payments.
Earlier this year, Ripple unveiled the XRPL EVM sidechain geared towards enabling multichain web3 development by tapping on the XRP. Ripple also launched an AMM and a native DEX to aid in the seamless adoption of XRP globally.
Meanwhile, Ripple intends to launch a native US dollar-backed stablecoin on the XRPL and Ethereum network to further streamline its bid to become a leader in cross-border payments.
Lawsuit Resolution
The global XRP community is anticipating the resolution between Ripple and the US SEC in the near term. Furthermore, the US SEC filed a motion requesting the presiding judge to issue a fine of about $102 million to Ripple for violating securities laws in XRP sales to institutional investors.
A settlement between the US SEC and Ripple could free the XRP market amid heightened color in the altcoin industry. Before the ongoing lawsuit, XRP was among the top three most valuable digital assets but has since dropped to the lower end of the top ten.
With Ripple already counting major victories against the US SEC, a settlement could propel XRP to further mainstream adoption in the coming years.
Midterm Targets
For the past six years, XRP price against the US dollar has been trading in a macro triangular pattern. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average trading volume of around $2 billion, has been oscillating around the apex of the macro triangular consolidation.
$XRP (Update)
Bulish Pennant Formation in 4h Timframe…
In Case of Upside Breakout Expecting 30 – 40% Bullish Rally📈#XRPUSDT #XRP #Crypto pic.twitter.com/gSchobamtJ
— Clifton Fx (@clifton_ideas) July 22, 2024
From a technical standpoint, XRP price must consistently close above the support/resistance range between 58 cents and 62 cents in the coming weeks to validate a bull run towards its all-time high.
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