According to recent reports, Ripple’s lawsuit with the Securities and Exchange Commission may end soon. Analysts are predicting XRP to rise to $17 through bent fork charts, which is a bullish theory for the altcoin. The price for XRP traders on Wednesday was $0.44, an increase of nearly 2% in value on the day.
Ripple (XRP) traders are awaiting the final verdict in the U.S. Securities and Exchange Commission (SEC) case against the money transfer company. Pro-crypto lawyer Fred Rispoli told market participants in a tweet about X that a verdict is likely to be handed down by July 31, 2024.
XRP traders are awaiting a ruling in July 2024 that will be a key factor in moving the altcoin market.
Additionally, the crypto analyst behind the X handle @egragcrypto analyzed the XRP price trend and set a 2025 target of $17. XRP is trading at $0.44 on Wednesday, July 10th, and analysts are presenting bent fork charts as a thesis to support their XRP predictions. altcoin.
Daily Digest That Moves the Market: Ripple Traders Await Lawsuit Judgment, RLUSD Launch
The SEC alleges that Ripple sold unregistered securities (XRP tokens) to institutional investors, seeking court fines of more than $2 billion. For the May 2024 development, the SEC estimated it at $102.6 million. Ripple filed a letter of supplemental authority, citing the Binance case in which Judge Annalisa Torres’ decision was considered precedent-setting. Judge Amy Berman Jackson’s ruling solidified XRP’s place in secondary market sales, or sales on exchange platforms. The SEC has filed a response to the supplemental authority letter. Ripple traders, who filed both applications, are awaiting a decision on the lawsuit. Fred Rispoli, a lawyer representing cryptocurrency advocates, said a verdict is expected to be handed down as early as Saturday, July 13, or July 31, 2024. Since the legal battle began, this case has been a major factor driving the altcoin market. Along with litigation developments, on-chain metrics have influenced XRP trader sentiment and asset prices in the past. Santiment data shows a significant spike in XRP active addresses on July 10th. Over 27,000 addresses were active on the XRP Ledger. This confirms the bullish thesis for altcoins, indicating growing demand and relevance among market participants.
XRP active addresses and prices
Traders who had been continuously aware of losses on their XRP holdings since May 30th realized a profit of $4.42 million on July 10th. The prolonged period of negative spikes in network realized P&L metrics is consistent with capitulation among investors.
XRP network realized profit and loss
Technical analysis: XRP analysts predict a rise to $17 by 2025, altcoins extend gains
X-handle analyst @egragcrypto predicted a $17 target for XRP by 2025 based on bent fork charts. This is the long-term goal for the altcoin, which is currently trading at $0.44 on Binance.
The analyst presented a chart with major resistance levels at the psychological hurdle of $1 and the asset’s all-time high of $3.5. For the first time, the analyst introduced 2023 targets in four tracks.
A) Main historical evidence
B) Ranging zone
C) Mid cycle top
D) Cycle top
Analysts believe that track D is the most likely track for altcoins to reach, despite some fluctuations. The target was raised from $15 in 2023 to $17 in the latest update.
XRP/USD chart
On the XRP/USDT daily chart, it is clear that XRP has recovered from its recent downward correction. If Ripple extends its rally, the value of the altcoin will increase by 8.45%, as seen in the chart below, reaching the resistance level at $0.4760, the upper bound of the fair value gap (FVG) at the July 2nd low. may reach.
The Relative Strength Index (RSI) is 39.58, indicating that Ripple’s price trend has an underlying positive momentum.
XRP/USDT daily chart
Ripple could find support at the July 8 low of $0.4032. If there is further correction, XRP could see a surge of liquidity at its July 5 low of $0.3823.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of a stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Also, since cryptocurrencies are generally volatile, stablecoins allow investors to store value.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC’s dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. Decreasing BTC dominance usually means investors are moving their capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
