XRP on the Brink of a Bullish Move: Analyst Ali Martinez Highlights Critical Resistance Level

• An analyst highlights XRP’s symmetrical trading pattern on a multi-year chart. If XRP breaks out of this pattern, it could rally to $0.90.
• Additionally, Santiment reports that the XRP Ledger was among the best-performing networks in July, driven by high on-chain activity, whale transactions, and increased social dominance.

Ripple’s native cryptocurrency, XRP, has been on investors’ radars as it retraced by 12% from its weekly high of $0.65. As of press time, XRP is trading 4.23% down at $0.5742, with a market cap of $31.1 billion and a daily trading volume of $1.8 billion, per the CNF report.

Analysts are expecting a potential bounce for XRP after the current dip. Popular crypto analyst Ali Martinez stated that XRP has been trading in a symmetrical pattern on a multi-year chart and is currently trading at its narrow convergence range. If the XRP price manages to break out from this triangular pattern, it could set the stage for a next rally all the way to $0.90.

On the other hand, blockchain analytics platform Santiment noted that the XRP Ledger was one of the best-performing networks last month in July, powered by very high on-chain activity. Along with the network growth, the whale transactions on the XRP Ledger helped the altcoins register 35% gains on the monthly chart. Furthermore, the social dominance on the XRP network has surged to new highs, reported Santiment.

XRP Ledger, among one of the best performers in July, has been powered by high on-chain activity. Major whale transaction levels and network growth helped propel the coin’s +35% month, and social dominance is now sky-high as the asset has mildly retraced. pic.twitter.com/QS2ZIr0ABz

— Santiment (@santimentfeed) August 1, 2024

As reported earlier, the XRP price volatility has reached record-low levels which sets the stage for a mega rally going ahead.

500 Million XRP on the Move

Rumors regarding the Ripple vs. SEC lawsuit settlement have gathered steam once again amid a large unlock of the XRP tokens from the escrow. A total of 500 million XRP coins, worth a staggering $297.74 million, were unlocked, resulting in an 8% drop in the XRP price.

As we know, the U.S. Securities and Exchange Commission (SEC) has demanded a significant penalty of $1 billion, interest separate, from Ripple over alleged violations, while the blockchain firm has agreed to settle for no more than $10 million.

Last week, pro-XRP attorney Bill Morgan described a potential settlement between Ripple and the SEC as “unlikely.” However, he noted that if a settlement were to occur, it would be a compromise rather than a major victory. Morgan emphasized, “Settlements generally end matters in dispute, including appeal rights in the current proceedings.” He also pointed out that Ripple might face challenges regarding XRP sales beyond December 2020 and future XRP sales.

All eyes have been on the closed-door meetings at the US SEC, with analysts expecting some potential outcome. However, ex-SEC lawyer Marc Fagel said that these rumored meetings are all hoaxes and totally unrelated to the XRP lawsuit. Per the CNF report, the SEC has canceled its closed-door meeting, putting an end to the speculations.