Analyst Says XRP Remains Strongest Compared To Bitcoin And Ethereum, Here’s Why
July 26 2024 - 5:00PM
NEWSBTC
Crypto analyst RLinda has revealed that XRP is showing impressive
strength despite the decline in Bitcoin and Ethereum’s price. She
explained why XRP suddenly has such a bullish outlook, considering
that the crypto token has underperformed since the start of the
year. XRP Is The “Strongest” In The Market RLinda mentioned
in a post on TradingView that XRP is the strongest in the market.
She noted that the crypto token has been holding quite well as
traders and investors are again becoming bullish on XRP due to its
“improving fundamental backdrop.” She alluded to the long-running
legal battle between the US Securities and Exchange Commission
(SEC) and how Ripple CEO Brad Garlinghouse recently stated that he
expects the lawsuit to end “very soon.” Related Reading: Crypto
Analyst Says Bitcoin Is Headed For $260,000 But This Must Happen
First RLinda also mentioned the rumors that the SEC’s closed-door
meeting on July 25 was related to a potential settlement with
Ripple. As such, these bullish fundamentals have led to rising
trading volumes, prices hitting local highs, and increased whale
activity. Bitcoinist recently reported that XRP whales accumulated
over 140 million XRP tokens this past week. Network activity
on the XRP Ledger (XRPL) has increased significantly, with a
notable increase in the number of new addresses on the network and
total addresses interacting on the network, both metrics at their
highest levels since March. This again highlights the bullish
sentiment that investors are beginning to have towards XRP in
anticipation of higher prices. These investors expect that
the conclusion of the legal battle between the SEC and Ripple could
trigger a massive rally for XRP, especially considering that this
case is believed to have been a stumbling block to XRP’s growth in
the 2021 bull run. XRP is also long overdue for such a rally,
seeing how it has consolidated for over six years. As such, an end
to the lawsuit could provide the much-needed catalyst to spark such
price movement. Interestingly, crypto analysts like
JackTheRippler previously predicted that XRP could climb as high as
$100 once the case between the SEC and Ripple ends. Key Price
Levels To Watch Out For RLinda mentioned that the price range
between $0.6378 and $0.5712 is worth paying attention to from a
technical perspective. She claimed that XRP’s price may test
liquidity below the support before subsequent growth if it fails to
break the resistance level at $0.6378. She also highlighted another
crucial resistance level at $0.7440. Related Reading: Ethereum
Whales Rapidly Accumulate ETH Amid Price Decline Meanwhile,
according to RLinda, $0.5712 and $0.5100 are crucial support levels
that XRP needs to hold above, as a drop below these levels could
invalidate its bullish outlook. The analyst again alluded to the
lawsuit and asserted that it would give XRP a “second life.” She
suggested this could lead to a successful breakout from the $0.6378
price level, which she added will “open a new path” for the crypto
token. At the time of writing, XRP is trading at around $0.6,
up almost 1% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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