Ripple’s XRP has been at the center of attention for many months, with its legal battle with the United States Securities and Exchange Commission (SEC) taking the spotlight.
In a positive turn of events, Judge Analisa Torres ruled earlier in July that secondary sales of XRP do not constitute investment contracts. This ruling was received with enthusiasm by the market, leading to a significant price surge for the cryptocurrency.
Despite the SEC’s intention to appeal the ruling, traders remain undeterred, particularly after many exchanges decided to relist XRP. The reinstatement of XRP on major exchanges has resulted in a surge in trading volume, contributing to its status as the most traded altcoin of 2023 so far, according to data from analytics resource Kaiko.
$XRP is officially the top traded altcoin of 2023! $DOGE, $SOL, and $BNB are next in line. pic.twitter.com/gq3uFiGnWl
— Kaiko (@KaikoData) July 24, 2023
Ripple’s Legal Victory Fuels Trading Surge
Following the court ruling, exchanges that had previously delisted XRP in 2020 due to the SEC lawsuit began relisting the altcoin. This move played a significant role in driving the surge in trading volume and open interest.
XRP’s resurgence has been evident worldwide, with data from Ramp Network showing a staggering 1113% increase in global trading volume compared to the previous 90-day average. The number of users purchasing XRP through Ramp rose by 834%, and new users joining the XRP ecosystem skyrocketed by a remarkable 1,215%.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Max Sandy, Senior Product Manager at Ramp Network, commented on the booming week for XRP and highlighted its popularity in the UK. He stated that XRP became the most-purchased cryptocurrency on their platform in the country.
As the appeal process continues, the crypto community eagerly awaits further developments, which will undoubtedly shape the future trajectory of XRP and its role within the evolving financial landscape.
XRP Rally Expected: Price Predicted to Reach $6 in Five Months
It is no longer news that XRP’s price surge remains anticipated following Ripple’s triumph in the court against the U.S. Securities and Exchange Commission (SEC).
However, while the crypto community appears confident about XRP’s impending price surge, no definite pattern has been identified yet for XRP’s price growth as various imprints continue to surface.
In a newly emerged XRP price projection, Coinskid, a top crypto market analyst, projected a drop in XRP’s price to about $0.54 before spiking to a $6 price level by the end of 2023.
Coinskid’s recent XRP price projections followed the token’s historical patterns. Citing data from a weekly chart, Coinskid spotlighted XRP’s price movement in 2020, which he suggests would play out again this year.
A Brief Overview Of XRP’s Market Trends In 2020
In November 2020, XRP registered impressive price surges, spiking by 219%, which culminated in XRP rising from $0.2453 in the second week of November to a price high of $0.7841 towards the end of the month before facing strong resistance, which saw XRP posting successive declines in the next five weeks.
The lawsuit against Ripple by the U.S. SEC on December 22, 2020, contributed to the asset’s decline to a market low of about $0.1729 in late December.
Remarkably, XRP staged an unprecedented recovery that saw it surge by 1,039%, attaining a price level of about $1.9695 in April 2021.
XRP’s Present Market Trends: Similar To 2020?
Per Coinskid, XRP appears likely to replicate previous trends from November 2020 to April 2021. The crypto analyst noted that the cross-border crypto asset has already registered its initial bullish run, having skyrocketed to a price level within the $0.938 range following the summary judgment on July 13.
Furthermore, XRP also seems to face strong resistance at the $0.938 price territory, changing hands at the $0.73 price level, and has currently declined by 22% from the $0.938 level with no visible signs of another rally in sight.
Implications Of A, B, C Correction Wave Pattern And The U.S. Dollar Index (DXY)
Taking cognizance of an A, B, and C correction wave pattern, Coinskid noted that XRP could still plunge to a price low estimated at $0.5401. Coinskid maintains that XRP’s predicted price low would provide enthusiasts with the leverage to amass the tokens at discounted prices while waiting for its next bullish run.
Coinskid noted that XRP’s next rally would see the token ascend to about $1.9, similar to the price level achieved in April 2021. The crypto enthusiast asserted that XRP might witness strong resistance at the $1.9 price mark, after which it would ascend to a possible $6 price mark if it succeeds in breaking the resistance.
Commenting on the U.S. Dollar Index’s (DXY) oversold position, Coinskid seems confident about the possibility of a potential dollar recovery in the coming weeks, noting that the dollar journey to bouncing back would elicit the expected correction for XRP and other crypto assets.
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