XRP's price has seen turbulent times recently, but several factors could potentially drive it to the $1 mark. With the ongoing Ripple vs. SEC case nearing a possible conclusion and significant whale activity, the cryptocurrency market is buzzing with anticipation. This article delves into the potential impacts of these developments on XRP's price.
XRP News Today: Surge Factors and Indicators
1- Ripple vs. SEC: A Possible Resolution
Ripple's legal battle with the SEC has been a major focal point for the cryptocurrency community. The lawsuit, ongoing for over three and a half years, is currently in its trial phase. Although the final resolution may take longer due to the complexity of the case, there is speculation that it could conclude by the end of July.
However, the final resolution might still be weeks away. The size of Ripple's potential fine remains a contentious issue, with the SEC initially seeking $2 billion, later lowering it to $102.6 million. Ripple's recent legal strategies, including referencing the Binance case, aim to minimize penalties.
2- Whale Accumulation: A Bullish Signal?
Amid market volatility, XRP whales (addresses holding over 1 billion tokens) have accumulated XRP. According to Santiment, whale holdings grew from 40% in mid-June to 42% recently. This suggests a growing confidence in XRP's future potential.
Whale activity can be interpreted as a sign of undervaluation or opportunistic buying during a dip. Large buy orders from whales can stabilize prices and potentially trigger short-term rallies. However, analysts caution that whale activity alone cannot guarantee sustained price increases.
3- Dormant Circulation and Long-Term Holders
Another positive indicator for XRP is its low dormant circulation. This metric, tracking tokens held in long-term storage, shows that long-term holders are not selling their assets. This behavior suggests a belief in Ripple's long-term viability and helps create a solid foundation for future price increases.
XRP Pirce Prediction
1- XRP Price Analysis: Signs of a Rebound?
Technical analysis also provides a glimmer of hope for XRP. The Relative Strength Index (RSI), a momentum indicator, currently suggests that XRP is oversold, indicating a potential price rebound. Despite XRP trading at $0.41 with a recent drop of 4.82%, the recent whale activity and technical indicators suggest a possible stabilization around $0.45.
2- A Cautiously Optimistic Outlook
While whale accumulation, low dormant circulation, and positive technical indicators paint an optimistic picture, the cryptocurrency market remains unpredictable. Factors like broader market sentiment, regulatory developments, and unforeseen events will play crucial roles in determining XRP's future trajectory.
3- XRP Price Prediction
Following previous XRP price analysis from a technical analysis to the market sentiment assesment, and with the lawsuit coming to a resolution, the whales accumulation, the low dormant circulation, and all market news, analysts have predicted a positive surge for XRP within favorable market condition, overcoming the recent crash and recovering.
The current price drop breaking the $0.40 support level was harsh, however with the recent surge and trading now at about $0.43 is a positive indicator of an additional surge. Breaking the resistance level of $0.45 would be the first step, and regoing through the July of 2023 by reaching $0.70 would be the second big step in this direction, the final one would be surpassing $0.93 which will certainly lead to XRP reaching $1 and even more. But that would be more likely on the longer term for XRP price prediction.
In a short-term XRP price prediction, it would be to regain $0.45 and highs of $0.49 if the market will be recovering. However another downturn, not much probable now, would bring XRP price back to $0.42-$0.43.
On a side note, American attorney Fred Rispoli recently suggested that Ripple might face a penalty of no more than $25 million, with no disgorgement. Analysts speculate that such an outcome could boost XRP's price to $1 and possibly beyond, provided the ruling is in Ripple's favor. Historical precedents support this, as XRP's price surged by over 80% following Judge Analisa Torres's ruling that Ripple’s sales of XRP to retail buyers did not constitute securities sales. So gathering all factors, chances of reaching 1$ are likely.
