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Recently, XRP price acquired massive intraday gains of 19%. As of writing, the bullish boost gave XRP and its market cap a surge of 19%.
Its market cap reached $33.93 Billion intraday. The surge has taken this asset to the 7th seat among the top 10 cryptocurrencies in 24 hours globally.
The volume inflow of the spot has advanced more than 215%, and the recent spike signified increased liquidity in XRP, as the ratio was 15%.
Over the past year, XRP price has fluctuated between $0.40 and $0.75. Many doubters earlier said that XRP was a worthless asset due to a stretched lawsuit.
The lawsuit pressure has gone down since 2022, and a bull run in 2021 for XRP was missed. This hypothesis meant that the indicators for XRP have been super bullish.
It’s pending the previous bull run, and with a very healthy chart, a magical move could pop out ahead.
Did Ripple Score a Victory in the Court?
On August 8th, the U.S. court ruled that XRP was not a security as the SEC had claimed. This statement concluded the 4-year protracted legal dispute with the SEC. XRP bagged the win, and the SEC bagged the loss.
In a turn of events, the SEC lost its case against Ripple. It is a massive bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow.
The lawsuit pressure was over, and the decision was considered highly bullish. As in, big investors who have been scared and limited to other big players due to the lawsuit would reconsider now. They can now enter into XRP without any fear.
Analyst Illustrated His Optimism for XRP-ETF
An analyst, @DrProfitCrypto, wrote on X that now it would not be wrong to hypothesize a theory about the SEC and XRP. They might be working on an XRP ETF behind closed doors.
He further added that the theory aligns with his ETF approval ranking prediction: first BTC, second ETH, and third XRP.
The analyst stated that the SEC lawsuit was the magnet, dragging XRP down and holding it back during the gigantic 2021 bull market. Moreover, amid the lawsuit, Ripple has garnered growth from different angles, as partnerships increased with over 300 financial institutions worldwide.
$XRP – The Big Report:
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 7, 2024
Everyone who knows me understands that I'm a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
The ripple network was also tested by the European Central Bank, Bank of America, and many other banks worldwide.
The analyst believes XRP had a higher chance that it could play a key role in the CBDC implementation. That could be the major reason for his robust optimism in XRP.
Technical Analysis: XRP Price
Over the monthly graph, XRP price has shown an immutable trendline support, active for a prolonged period. The massive rise in price have manifested from this support. XRP has been lurking at the same dynamic support trendline for several months.
Since the lawsuit has ended, a catalyst could be around the horizon. The price could soon blast off to the moon with current-generated optimism.
The all-time high (ATH) over the monthly chart was $3.31700, and the low was $0.00281. Investors’ interest could hit the XRP towards retesting the ATH, depending on the bullish wave.
Over the weekly chart, the 4-year high was $1.966, and the low was $0.170. If the bullishness increases, the ATH can be achieved sooner, with interruptions at $0.750 and $0.970, respectively.
The indicators are strongly bullish, as both 50-day and 200-day EMA hurdles have become supports after the price pierced them. MACD showed a bullish crossover with a histogram at 0.0110, and the RSI flashed at 56.63, above the median line.
On the contrary, if the price does not grow more, and bears push it down, the support to watch would be at $0.440 and $0.280, respectively.