XRP Bulls Regain Momentum: Institutional Support & Technical Analysis Suggest Imminent Price Breakout!
XRP’s market ranking may have slipped, but it has experienced a surge in trading volume and garnered increased institutional support following its recent legal victory against the SEC. While Solana has overtaken XRP in the digital asset market, relegating it to sixth place, Ripple supporters are rallying to defend its position. In the past 24 hours, XRP’s daily trading volume has spiked by over 23% to approximately $1.3 billion.
XRP, known as one of the prominent utility altcoins, continues to enjoy strong backing from institutional investors. This support has particularly intensified after Ripple’s significant legal win against the SEC.
The victory against the SEC has given Ripple newfound freedom from regulatory constraints. In late December, Judge Jed Rakoff ruled in favor of the SEC in a case involving Terraform Labs and its co-founder, Do Kwon. This ruling sparked concerns within the Ripple community as they prepare for their own trial in April. However, Ripple’s Chief Legal Officer, Stuart Alderoty, clarified that Judge Rakoff’s ruling had no bearing on Judge Analisa Torres’s previous decision related to Ripple.
The increased whale activity in recent months has also been a notable development for XRPL. In just 24 hours, a significant amount of 50 million XRP tokens, valued at around $31 million, were deposited into Bitstamp.
When analyzing XRP’s price action, it appears to be nearing the end of a consolidation phase that began after the market surge in 2021. Additionally, XRP is on the brink of a potential breakout from its daily consolidation triangle, which could indicate an upcoming bullish shift. Market analysts predict that if this breakout occurs, XRP could target a psychological resistance point near 94 cents.
As Solana takes the lead in the digital asset market, the question arises: will its reign be short-lived? Meanwhile, XRP supporters are hopeful for a comeback. Share your thoughts on the matter.