Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Why XRP could be set for a new All-Time High after Ripple’s legal victory

Source Cryptopolitan

XRP has surged after the U.S. Securities and Exchange Commission (SEC) officially dismissed its lawsuit against Ripple. The announcement fueled a 14% XRP price jump within 24 hours.

The rally is backed by strong technical momentum and increased buying activity, while XRP’s network activity has also reached record highs.

XRP prices surge as buyers capitalize on bullish momentum

A critical technical indicator, the Directional Movement Index (DMI), indicates buyers are in control. Average Directional Index (ADX) has risen from 15.64 to 20.4. This means that the current trend is gaining strength.

The ADX is not directional, meaning it doesn’t tell whether the trend is upward or downward. However, combined with the (Directional Movement Index) +DMI and -DMI indicators, they can indicate the market’s direction. In XRP’s case, the +DMI has spiked from 18.3 to 39, and the -DMI has fallen from 19.63 to 12.97.

This indicates aggressive demand and softening supply. If this momentum persists, the price of XRP may increase further. The ADX must also be over 25 to indicate a strong trend — but this is already a good sign.

XRP users set new activity records

XRP blockchain activity is up, and active addresses reached a record 1.19 million in a week, an increase of almost five times from 237,000 on February 27. This fast pace of growth indicates a large increase in engagement and adoption of the network.

This uptick in activity is indicative of interest from retail traders, institutional investors, and the market in general. This can result in lower XRP volatility and greater XRP price movements.

A rise in active addresses generally translates into a growth in transactions, which can drive price volatility. But XRP’s price action remains bullish, with a golden cross pattern—a key bullish indicator—just about to form as a short-term moving average closes in on a crossover with a long-term moving average.

Should this trend continue, XRP may retest the $2.648 resistance line and, if buying pressure increases, potentially hit $2.99. A breakout above this level could lead price above $3.

If the momentum wanes, XRP will likely find it difficult to maintain its current range. The main level of support is at $2.47. If the price drops below $2.90, XRP may fall to $2.21 or even $1.90.

Ripple CEO hints at reduced XRP sales

In a recent Bloomberg interview, Ripple CEO Brad Garlinghouse addressed concerns about the company’s XRP sales, hinting that such sales could be reduced going forward.

SEC Dropping Appeal — *Ripple CEO Brad Garlinghouse- Source: Bloomberg*

Garlinghouse said that while Ripple holds 42% of XRP’s total supply at the moment, maybe they won’t be selling as much at some point. He also denied that Ripple’s holdings of XRP were “falsehoods.”

Ripple is now faced with an important choice: Do they settle with the SEC for $125 million (money that is already in escrow) or cross-appeal, which could defy the resolution of various lingering legal questions? Garlinghouse still seems somewhat optimistic, noting that Ripple is financially healthy and that recovering the fine wouldn’t be a problem.

On the other hand, Ripple is also working on expanding its ecosystem and aims to make its Ripple USD (RLUSD) stablecoin one of the top five ranks of the market by the end of the year. This could strengthen XRP’s position even more and boost its long-term growth potential.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Author Irene Q.

Sep 14, Mon

Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Yesterday 01: 23

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Yesterday 08: 16

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

4 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Popular Symbols