XRP transactions exceed 1.38 million for first time since August, altcoin could extend gains
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●XRP transaction count crossed the 1.38 million mark for the first time since August 18.
●The SEC’s trials and tribulations on the Ripple lawsuit are relevant as XRP community expects a settlement of the case.
●XRP price consolidated below the $0.6400 level, as the altcoin eyes come back to $0.7500.
Ripple remains a talking point among market participants that expect a settlement in the US Securities and Exchange Commission’s (SEC) lawsuit against the payment firm. Amidst talks of settlement, there is a notable spike in the XRP transaction count.
XRP price traded sideways below $0.6400 throughout December, analysts predict a recovery in the altcoin.
XRP holders await settlement in SEC v. Ripple lawsuit, transaction activity in Ripple rises
XRP holders are awaiting a settlement in the SEC’s lawsuit against Ripple, anticipation brews in the ecosystem. The closed doors meeting between the US SEC and Ripple on November 30, fueled hopes of a settlement talk between the two parties. Therefore, despite Ripple’s partial victory in the lawsuit, the SEC case continues to influence XRP holders’ outlook on the altcoin.
The transaction activity in XRP is on a rise since mid-August 2023, it crossed the 1.38 million mark for the first time in three months, according to data from XRPscan.
Number of XRP transactions executed Source: XRPscan.com
Brad Garlinghouse, Ripple CEO, shared his views on the SEC vs. Ripple lawsuit, with CoinDesk. Garlinghouse believes that if Ripple had failed to achieve a partial victory in the lawsuit and if the case against the executives had not been dismissed, the SEC would pursue litigation against other crypto projects aggressively.
A possibility for settlement remains as XRP holders look forward to hearing dates scheduled by Judge Analisa Torres for 2024.
Technical Analysis: XRP price comeback to $0.75 remains likely
XRP price has been trending below the $0.6500 mark since the beginning of December 2023. XRP’s uptrend remains intact and the altcoin is likely to attempt a comeback to the $0.7500 level, previously seen on November 13.
XRP price is nearly 17% away from the target. The altcoin has support of the 10-day Exponential Moving Average (EMA) at $0.6209. In its rally towards the $0.7500 target, XRP price could face resistance at the 50% retracement level ($0.6820) of the decline from its July 13 local top of $0.9403 to the August 17 bottom of $0.4237.
XRP/USDT 1-day chart, Source: TradingView.
In the event of a decline, XRP price could find support at the 50-day EMA at $0.6014. A daily candlestick close below the 50-day EMA could invalidate the bullish thesis for XRP price.
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