Crypto Analyst RLinda revealed that XRP is showing impressive strength despite the decline in the price of Bitcoin and Ethereum. She explained why XRP suddenly has such a bullish outlook, considering that the crypto token underperformance since the beginning of the year.
XRP is the “strongest” on the market
RLinda mentioned in a publish on TradingView that XRP is the strongest in the market. She noted that the crypto token has been holding up very well as traders and investors are once again becoming bullish on XRP due to its “improving fundamental picture.” She alluded to the long-running legal battle between the U.S. Securities and Exchange Commission (SEC) and how Ripple CEO Brad Garlinghouse recently declared that he hopes the process will be over “very soon.”
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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 led to increased trading volumes, prices reaching local highs, and increased whale activity. Bitcoinist recently reported that XRP whales have accumulated over 140 million XRP tokens in the past week.
Network activity on XRP Ledger (XRPL) has increased significantly, with a notable increase in the number of new addresses on the network and the total addresses interacting on the network, both metrics at their highest levels since March. This again highlights the bullish sentiment that investors are starting to have towards XRP in anticipation of higher prices.
These investors are hoping that the conclusion of the legal battle between the SEC and Ripple could trigger a major rally for XRP, especially considering that this case is believed have been a hindrance to XRP’s growth in the 2021 bull run. XRP is also long overdue for such a recovery, given how it has consolidated for over six years. As such, the end of the process could provide the much-needed catalyst to trigger such a price movement.
Interestingly, crypto analysts like JackTheRippler previously predicted that XRP could rise to $100 once the case between the SEC and Ripple is over.
Key price levels to watch
RLinda mentioned that it is worth paying attention to the price range between $0.6378 and $0.5712 of a technical perspective. She stated that XRP price may test liquidity below 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.
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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 process and stated that this would give XRP a “second life.” She suggested that this could lead to a successful breakout of the $0.6378 price level, which she added “will open a new path” for the crypto token.
At the time of writing, XRP was trading at around $0.6, up nearly 1% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com