Ripple (XRP) Activity Surges: What’s Next?
Ripple’s XRP has seen a surge in activity, with active addresses doubling over the weekend. This increase in activity, as reported by Santiment, indicates traders are engaging with the cryptocurrency.
XRP Price Action
XRP has held above the psychological support level of $0.60 and even experienced a 2% gain on Sunday. Some analysts believe this positive movement could be fueled by Donald Trump’s recent statements at the Bitcoin conference, where he expressed support for cryptocurrencies.
Ripple Lawsuit Update
A ruling in the SEC lawsuit against Ripple is still expected by the end of July 2024, with some legal experts predicting a decision as early as July 13th. Donald Trump’s potential impact on the lawsuit is being discussed, as he has pledged to appoint a new SEC Chair who would be more favorable to crypto.
Mixed On-Chain Signals
While the increased activity is encouraging, other on-chain metrics show mixed signals. XRP traders have been taking profits in the past two weeks, leading to some selling pressure.
Technical Analysis
Analysts believe XRP could gather liquidity between $0.5945 and $0.5783. A bounce off support at $0.5632, which aligns with the 50% Fibonacci retracement level, is possible. The MACD indicator suggests positive momentum, but it is likely fading.
Looking Forward
The outcome of the SEC lawsuit remains a key factor for XRP’s future. The lawsuit’s potential impact on other cryptocurrencies is also a topic of debate.
**For more information on XRP, you can visit:** Ripple’s official website.
**For more information on XRP price, you can visit:** CoinMarketCap.
