- Summary:
- XRP price is on the rise, with exchange reserves dropping and investors increasingly becoming convinced that the SEC case could collapse.
XRP price has been on a hot streak in recent days, rising by 60 percent in the last week. The trend continued on Wednesday, when it gained 1.3 percent to trade at $1.117 as of this writing. Stability above the $1.00 mark is a substantial psychological boost for XRP. The move marks a return to levels it traded at before the Securities and Exchange Commission (SEC) filed sued Ripple Labs and CEO Brad Garlinghouse.
The crypto market continues to be on a strong upsurge and the total market capitalisation has crossed $3.11 trillion as of this writing. This has created a strong bullish momentum that isn’t only based on Bitcoin’s rally. XRP price’s upside is still subdued by the SEC vs Ripple Labs case. However, last week’s ruling by a Federal court that sided with Ripple Labs based on Judge Torres’ earlier ruling and set the trial date for January 2025.
Importantly, many investors are counting on the incoming Trump administration to create a friendlier regulatory environment for cryptocurrencies. Most are hopeful that it could potentially result in the SEC settling its lawsuit out of court.
On-chain data signals further gains
On-chain data aggregation site, Cryptoquant reports that the volume of XRP coins held in exchange reserves has declined significantly in the last seven days. That also includes a 0.7 percent decline in the last 24 hours. This signals lower selling pressure, which augurs well for XRP price in the near-term.
XRP Price forecast
The momentum on XRP price calls for further upside above the pivot point at 1.120. With the buyers in control, the price is likely to move up to 1.132 where it will encounter the first resistance. If the momentum strengthens, the price could break above that level and test the second resistance at 1.140.
On the other hand, moving below 1.120 will signal bearish control. In that case, the price is likely to find the first support at 1.111. However, if the sellers extend their control, the price could break below that level and test 1.104.
