- Ripple’s active addresses surged by over 30%, boosting XRP to around $0.43 amid anticipation of the SEC lawsuit’s end by July.
- Despite recent losses and technical challenges, XRP’s recovery prospects hinge on regulatory clarity and market sentiment shifts.
Ripple (XRP) has seen a notable surge in on-chain activity, with active addresses climbing by over 30% on Tuesday, according to data from Santiment. This uptick suggests growing interest and engagement among XRP traders despite recent challenges.
Currently priced around $0.43, XRP has managed a modest 1% gain, buoyed by broader market optimism as Bitcoin surpasses $57,000 once again. However, the road ahead remains uncertain as investors await a pivotal moment: the conclusion of the SEC’s lawsuit against Ripple, expected before July 31, 2024.
July has proven turbulent for Ripple investors, who have realized losses exceeding $144 million. This downturn may signal a period of market capitulation, potentially setting the stage for a recovery in XRP’s price.
Technical analysis indicates a resilient outlook for XRP, having bounced back from recent lows near $0.3823. The Relative Strength Index (RSI) for XRP/USDT suggests a favorable uptrend momentum, now hovering at 37.89, up from a recent dip below 30. This upward movement hints at potential gains towards the upper Fair Value Gap boundary at $0.4611, though resistance remains formidable at the psychological $0.50 mark.
Despite these positive signals, the altcoin faces critical support at $0.4032. A daily close below this level could invalidate the current bullish trajectory, possibly triggering a retest of the July 5 low.
Fred Rispoli, a prominent pro-crypto attorney, has provided insights into the SEC vs. Ripple lawsuit, predicting a potential ruling as early as July 13. This legal showdown holds immense sway over XRP’s future, influencing trader sentiment and market dynamics.
Ripple’s recent surge in on-chain activity amidst a price stabilization around $0.43 reflects a resilient market response. With pivotal events on the horizon, including the SEC lawsuit outcome and ongoing technical indicators, XRP continues to be a focal point for cryptocurrency enthusiasts and investors alike.
