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Cointelegraph by Biraajmaan Tamuly
2024-08-08 11:06:54
cointelegraph.com
XRP (XRP) price has gained 17.7% over the past 24 hours, and trading volumes reached over $6 billion.
As Cointelegraph reported, Ripple was ordered to pay a $125 million civil penalty. The firm was “permanently restrained and enjoined” from violating United States securities laws as part of a case brought by the Securities and Exchange Commission. However, several other bullish catalysts are at play for .
XRP whales hold a record 7.06B tokens
Whale XRP addresses have meanwhile been accumulating for five consecutive weeks with the number of wallets holding more than 10,000 tokens ($6,000) reaching an all-time high in July.
Related: Judge finds Ripple Labs liable for $125M penalty in SEC case
. That is a significant number of coins currently removed from the token supply, potentially driving prices higher.
Meanwhile, the “social dominance” score is also hitting levels not seen since January, suggesting that XRP is becoming increasingly mentioned on social media as price rises.
XRP price may see an “explosive move”
XRP’s price action recently generated community traction after registering a 31% rally in July 2024. This was XRP’s largest monthly return since July 2023, when XRP was declared “not a security.”
However, while the year-to-date (YTD) returns for XRP/USD are around 22%, an analyst suggests the markets might be primed for a rally.
Tony Severino, a popular crypto analyst, identified a fractal on the parabolic SAR indicator on the monthly chart that can be traced back to 2017. In other words, if history repeats itself, XRP price will see an “explosive move.”
XRP is close to recouping its 22% drawdown from last week, testing the all-important weekly resistance range at $0.60-$0.65. This particular level has historical importance as resistance that was flipped into support between November 2020 and May 2022.
If XRP closes above $0.66 in August, it will be in a good position to retest the highs from 2023 just under $1. The relative strength index, or RSI, is also currently above the 50 mark and rising, indicative of increasing buy pressure.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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