As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and legal battles. The recent surge in XRP‘s demand, as reported by Kaiko, is quite intriguing. It seems that Ripple’s legal victory against the SEC has indeed rekindled interest in XRP, particularly in the US markets.
According to cryptocurrency analysis company Kaiko, there’s been a significant increase in interest for Ripple‘s native digital asset XRP – reaching a four-year peak. This surge in demand occurred prior to Ripple’s ongoing legal dispute with the United States Securities and Exchange Commission (SEC).
According to Kaiko’s recent study, there’s been a resurgence in the demand for XRP. Since the court ruling last year that partially favored Ripple Labs against the SEC, interest in XRP within U.S. markets has been on the rise. In fact, the proportion of U.S. trading platforms contributing to global XRP volume has risen significantly from under 2% to nearly 14%, a level last seen before the SEC lawsuit.
Photo: Kaiko
According to Kaiko’s data, the temporary halt of XRP trading on leading exchanges due to the lawsuit caused a significant increase in demand for XRP trading. Since the court ruling last year (2023), this interest has continued to grow. In the judgment, it was determined that Ripple’s sales of XRP through secondary markets were not classified as securities; however, direct sales to institutional investors were.
After the recent court decision, prominent cryptocurrency platforms such as Coinbase and Gemini resumed XRP trading, leading to a surge in demand for XRP within the U.S. market. According to Kaiko’s report, Ripple’s ongoing legal dispute with the U.S. Securities and Exchange Commission is contributing to XRP’s price fluctuations.
XRP Price Bounces Back Strong
Over the course of the last month, I’ve noticed that the value of XRP has been capturing the attention of investors, recording an impressive 35% increase and reaching a peak of $0.65. However, it’s essential to acknowledge the broader market volatility experienced over the past week, driven primarily by global macroeconomic factors influencing the market dynamics. Consequently, on Monday alone, the XRP price took a significant dip down to $0.43.
Despite experiencing a downturn yesterday, XRP rebounded strongly today, soaring by 10% and surpassing $0.50 again. As per crypto analyst Northstar’s analysis, XRP appears to be following a symmetrical triangle pattern over several years. The chart indicates that the price of XRP has been facing resistance at its highest levels, leading to a drop below crucial support levels of $0.55.
Photo: TradingView
As someone who has been closely following the market trends for several years now, I can confidently say that this recent breakdown is a cause for concern. The increasing bearish momentum is a pattern I’ve noticed in my trading career and it often precedes significant price drops. If the selling pressure continues, the triangle’s measured move suggests a potential bearish target of $0.30, which would translate to an additional decline of approximately 40% from current levels for this particular asset. This is a significant drop that could impact any portfolio and should be closely monitored.
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2024-08-06 14:58