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.
placeholder
Solana Price Forecast: SOL eyes record highs as institutional demand, on-chain metrics underpin rallySolana (SOL) price trades in green, above $242 at the time of writing on Monday, after breaking out of a parallel channel last week with bulls aiming for record highs.
Author  FXStreet
Sep 15, Mon
Solana (SOL) price trades in green, above $242 at the time of writing on Monday, after breaking out of a parallel channel last week with bulls aiming for record highs.
placeholder
Gold sits near record high as Fed rate cut bets keep USD depressedGold (XAU/USD) retreats slightly after touching a fresh record high, around the $3,689-3,690 region during the Asian session on Tuesday, amid some repositioning trade ahead of key central bank events.
Author  FXStreet
18 hours ago
Gold (XAU/USD) retreats slightly after touching a fresh record high, around the $3,689-3,690 region during the Asian session on Tuesday, amid some repositioning trade ahead of key central bank events.
placeholder
USD/CHF slumps to near 0.7900 as Fed dovish bets weigh on US DollarThe USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
Author  FXStreet
16 hours ago
The USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
placeholder
Forex Today: US Dollar remains weak pre-Fed, Gold hits new record-highThe US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
Author  FXStreet
16 hours ago
The US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
placeholder
NZD/USD Price Forecast: Maintains its bullish stance despite rejection at 0.5980The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
Author  FXStreet
15 hours ago
The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
goTop
quote