XRP, despite its underperformance earlier in the year, is now showing impressive strength in the market. Crypto analyst RLinda pointed out that traders and investors are regaining their bullish sentiment towards XRP due to its improving fundamental backdrop. The long-running legal battle between Ripple and the SEC seems to be nearing an end, with Ripple CEO Brad Garlinghouse expressing optimism about a potential settlement.
The bullish fundamentals surrounding XRP have resulted in increased trading volumes, local price highs, and heightened whale activity. Recent reports have shown that XRP whales have accumulated over 140 million XRP tokens in just one week. Additionally, network activity on the XRP Ledger has surged, indicating a significant increase in the number of new addresses and total addresses interacting on the network.
Investors are anticipating a massive rally for XRP once the legal battle with the SEC concludes. Many believe that this lawsuit has been a major hindrance to XRP’s growth in previous bull runs. With a potential end to the legal uncertainties, investors are hopeful that XRP will finally experience the price movement it has been long overdue for.
RLinda highlighted key price levels to watch for XRP’s movement. The support levels at $0.5712 and $0.5100 are crucial, as a drop below these levels could invalidate the current bullish outlook. On the other hand, breaking the resistance level at $0.6378 could pave the way for further growth. Another significant resistance level to consider is at $0.7440. Crypto analysts have even made bold predictions about XRP reaching as high as $100 once the legal uncertainties are resolved.
XRP’s recent strength in the market, coupled with positive fundamental developments, has set the stage for potential growth in its price. The anticipation of a settlement with the SEC and the increasing investor confidence in XRP’s future are driving factors behind the current bullish sentiment. As we await the resolution of the legal battle, all eyes are on XRP to see if it will finally achieve the rally that many have been anticipating for years.