After a previous month saw many cryptocurrencies experience positive gains, one of the best performers is XRP (XRP), whose value almost doubled in the same period.
Despite its recent fluctuations, which have seen this crypto change value from $0.60 to $0.70, there have been a lot of indicators that forecast another successful month for this asset and continued upside trend.
Large influx of whale wallets
Notably, the number of XRP crypto wallets with possession of 100,000 and one billion of the asset reached 45.8% of its total supply – the highest level in 2023, whereas the market value surpassed $0.68 for the first time since August.
Another important aspect is that the increased whale trend and market value have been followed by the most significant spike in XRP discussion numbers since mid-July, and it moved up 23% against the price of Bitcoin (BTC) in the past week.
This influx of whale wallets, which are long-term holders, signals investors‘ optimism and belief in this asset and their hope that it will offer a return multiple times larger than the original investment in the long run.
Significant daily rallies
Already bolstered by the positive outcome of the recent legal proceedings of Ripple versus the United States Securities and Exchange Commission (SEC), which saw XRP’s value increase by 10% in a single day, may prove to be a trend that will see this crypto increase exponentially in value over a future period.
Not being impacted by the recent slowdown in the cryptocurrency market, which saw the most popular assets stagnate and experience a slight downturn, may be a perfect indicator of what the future holds for XRP.
Final resolution of legal issues
The cryptocurrency world has finally seen the end of the long-running legal battle in which the SEC sued Ripple over the issuance and selling of XRP – with the SEC retreating from the case.
Precisely, the SEC has agreed to dismiss the civil allegations against the blockchain company’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen, according to the court documents.
Now, all that is left is for Ripple to pay damages to those affected, and after that, its focus can again shift toward the market, which is the ideal catalyst for the further increase in the price of this crypto token.
XRP price analysis
At the time of press, the price of XRP stood at $0.68, which marked a negative decrease of -1.09% in the past 24-hour period, contrary to the gain of 13.20% in the previous 7-day period and a positive 33.45% over the past month.
It is currently trending in the median range between its support level of $0.63 and resistance level of $0.72, with a market cap of 36.9 billion. Over the last 24 hours, it saw a $2.9 billion of trading volume. The token has a circulating supply of 53.6 billion tokens out of a total supply of 100 billion tokens.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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