XRP Jumps 18% Leading Market Rally on Ripple’s Partial SEC Victory

2 months ago 33

The price of Ripple’s XRP token has surged by 18% in the past 24 hours to lead the market as the top gainer.

This comes after US federal judge Analisa Torres on Wednesday ordered Ripple Labs to pay a $125 million civil penalty and barred the company from future violations of securities laws, thus concluding the long-standing legal battle with the Securities and Exchange Commission (SEC).

Ripple Traders Ask For More

At press time, the seventh cryptocurrency asset by market capitalization trades at $0.60. A surge in daily trading volume has accompanied its price rally. Over the past 24 hours, XRP’s trading volume has surpassed $5 billion, marking a 202% increase.

A rise in an asset’s price and its trading volume suggests the presence of bullish sentiment. It highlights an increased demand for the asset, which will continue to drive up its price.

The high profitability of XRP transactions in the past 24 hours has also spurred traders to be more active. An analysis of XRP’s on-chain transaction volume reveals that a majority of traders have been recording profits over the past 24 hours.

XRP Ratio of Daily On-Chain Transaction Volume in Profit to Loss

Currently, the profit-to-loss ratio stands at a two-week high of 1.92. This means that for every transaction resulting in a loss, 1.92 transactions yield a profit.

Further, XRP whales have increased their token accumulation in the past 24 hours. According to Santiment’s data, the number of XRP whales holding between 1,000,000 and 10,000,000 tokens has spiked by 2% during that period.

At 1,629 at press time, their number is at its highest since August 2023.

XRP Price Prediction: Altcoin Seeks to Extend Gains

XRP’s price movements on a 12-hour chart reveal the possibility of an extended rally. For example, readings from its Directional Movement Index (DMI) show that a bullish intersection of the positive directional indicator (+DI) (blue) and the negative directional indicator (-DI) (red) occurred following Judge Torres’ verdict.

An asset’s DMI measures its trend strength. When the +DI crosses above the -DI, it is a bullish sign that suggests a spike in buying pressure and a rise in market bull strength.

Additionally, according to XRP’s Moving Average Convergence/Divergence (MACD) indicator, its MACD line (blue) crossed above its signal line (orange) on Wednesday. This is also a bullish signal, indicating that the token’s price momentum has increased.

This crossover often suggests that the asset’s short-term momentum is stronger than its long-term momentum, prompting traders to consider buying it.

If the demand for XRP remains high, its price will climb to a five-month high of $0.66.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030