As a seasoned researcher with a background in cryptocurrencies and blockchain technology, I have closely followed the altcoin market for several years now. The recent surge of interest in XRP, Solana, and Dogecoin, following the approval of Ethereum ETFs in the United States, comes as no surprise to me. The crypto landscape is ever-evolving, and it’s essential to stay informed about emerging trends and projects.
The thriving altcoin market, spearheaded by XRP supported by Ripple, Solana (SOL), and Dogecoin (DOGE), has garnered substantial interest from crypto investors in the wake of the US Securities and Exchange Commission’s approval of Ethereum spot ETFs. Consequently, anticipation regarding the impending major player in the cryptocurrency realm has fueled a bullish sentiment.
The cryptocurrency topic is anticipated to significantly impact the forthcoming US elections.
XRP Demand Rises
As a researcher studying cryptocurrency market trends, I’ve noticed some intriguing activity with XRP whales according to the data analysis from Santiment. Last week, these large investors acquired over 140 million units of XRP, equivalent to around $84 million in value. Notably, they have been making significant purchases on prominent centralized exchanges in the recent past.
Approximately 26.4 million XRP tokens, valued at around $16 million, moved from Binance to an unidentified wallet on a recent Tuesday. Notably, the amount of XRP held on centralized exchanges has decreased despite Ripple’s regular monthly sales.
🚨 26,472,378 #XRP (16,027,145 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) July 23, 2024
I’ve observed that Ripple has deliberately worked on enhancing the liquidity and adoption of XRP in recent years. Previously reported by Coinspeaker, Ripple has established the essential infrastructure, making XRPL an attractive choice for global transactions.
Based on my extensive experience in the cryptocurrency industry and my deep understanding of Ripple’s latest developments, I believe that this year, Ripple took a significant step forward with the introduction of the XRPL EVM sidechain. This innovative solution is designed to facilitate multichain web3 development by leveraging the power of XRP.
Ripple plans to introduce a stablecoin pegged to the US dollar on both the XRP Ledger (XRPL) and Ethereum networks as part of its efforts to strengthen its position in cross-border transactions.
Lawsuit Resolution
The worldwide group of XRP enthusiasts is eagerly awaiting the imminent decision between Ripple and the US Securities and Exchange Commission (SEC). Notably, the SEC has recently petitioned the presiding judge to impose a penalty of approximately $102 million on Ripple for allegedly breaching securities regulations during sales of XRP to institutional investors.
A resolution between the SEC and Ripple may bring relief to the XRP market, which has seen increased volatility within the altcoin sector following the protracted legal dispute. Prior to the lawsuit, XRP ranked among the top three most valuable cryptocurrencies, but its value has since slipped, placing it near the bottom of the top ten digital assets.
As Ripple has achieved significant successes against the US Securities and Exchange Commission (SEC), reaching a settlement might catalyze wider acceptance of XRP in the upcoming period.
Midterm Targets
Over the last six years, XRP‘s price in US dollars has followed a triangular pattern on a larger scale. With a fully diluted market capitalization of approximately $60 billion and an average daily trading volume of nearly $2 billion for this large-altcoin, it has been bouncing around the peak of its prolonged consolidation phase.
$XRP (Update)
Bulish Pennant Formation in 4h Timframe…
In Case of Upside Breakout Expecting 30 – 40% Bullish Rally📈#XRPUSDT #XRP #Crypto
— Clifton Fx (@clifton_ideas) July 22, 2024
To confirm a bullish trend leading to XRP‘s record high, the price needs to persistently break through the barrier of 58 cents to 62 cents in the upcoming weeks from a technical perspective.
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2024-07-23 18:06