- The XRP daily average trading volume has more than doubled to around $4.2 billion amid the ongoing crypto bullish outlook, thus suggesting more gains ahead.
- After several years of consolidation, the XRP price is on the verge of a parabolic rally with the SEC vs Ripple case about to end soon.
Amid the ongoing crypto bullish outlook led by the Bitcoin (BTC) spike to around the all-time high (ATH), Ripple-backed XRP is technically in the early stages of the macro bull rally. For the first time since 2021, the large-cap altcoin, with a fully diluted valuation of about $64 billion, closed above the weekly falling logarithmic trend.
According to the latest market data, XRP price rallied more than 14 percent in the past seven days to trade above 64 cents on Tuesday. [mcrypto id=”345586″
XRP Price Ready to New Reach ATH
After XRP price closed above the weekly 200 Moving Average (MA) last week, the altcoin is well positioned to rally towards its all-time high (ATH) soon. Moreover, the weekly Relative Strength Index (RSI) has been aiming for the 70 level after a successful breakout of the 50 level.
In the short-term, XRP price is aiming to reach the liquidity range between 69 cents and 75 cents, which coincides with the 0.786 and 1 weekly auto Fibonacci Retracements respectively.
The liquidity level coincides with the XRP price prediction by the end of this month provided by an AI based on several indicators. As Crypto News Flash reported, XRP price has broken out of a macro triangular consolidation and is ready for a magnificent rally in the coming weeks.
SEC vs Ripple Lawsuit’s Impact Wanes
Ripple has continued to build robust infrastructure to enhance the liquidity and mass adoption of XRP around the world despite the ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC). Already, Ripple has registered notable victories against the US SEC on the ongoing lawsuit, thus increasing the optimism of a possible win in the upcoming civil trial.
For instance, the US SEC dropped the charges against Ripple’s top executives in October last year. Previously, US District Judge Analisa Torres ruled that XRP sold to crypto exchanges does not constitute investment contracts and, thus not a security. However, the Judge ruled that Ripple’s XRP sales to institutional investors violated securities laws.
Consequently, XRP was relisted on major crypto exchanges including Coinbase, thus significantly improving the trading volume and liquidity. With XRP traded all over the world as a digital asset like Bitcoin and not a security, experts believe the SEC vs Ripple lawsuit’s impact has dramatically reduced.
Why Bet on XRP Bullishness
With XRP price backed by a veteran web3 company, Ripple, the altcoin is well positioned to rally further in the ongoing bull market. Moreover, Ripple has made several strategic acquisitions over the past few years to enhance XRP’s liquidity including Metaco, Tranglo, Standard Custody & Trust Company.
Consequently, the dozens of institutional investors using XRP for cross-border payments through the On-Demand Liquidity can seamlessly use the services. As Crypto News Flash recently reported, Ripple intends to make XRPL the leader in real-world assets (RWA) tokenization through the strategic partnership with the Axelar network.
