Ripple: XRP analysis and price prediction to 2024
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If you are monitoring XRP price action and SEC-Ripple demand, you may notice some correlation. XRP had a bullish performance in the second half of September. The shift in demand in Ripple's favor may have weighed heavily on the upbeat sentiment.
XRP price prediction for 2023-2024
The hype surrounding the developments related to the lawsuit fueled a strong rally in XRP, a bullish rally. In fact, the altcoin has also broken through its long-term descending support. This move could set the stage for what happens next if the market doesn't suffer another unexpected drop.
A final verdict is expected shortly after the legal battle is coming to an end. So far, the case is leaning in favor of Ripple Labs, especially since the SEC doesn't have a strong argument to win the case. This was the main reason behind the rally in the second half of September.
On top of that, Ripple Labs has been actively expanding its offerings and the blockchain company has been recognized among the 250 Best Fintechs of the year.
In terms of price action, XRP hit a new local high of $0.55 before retracing to $0.44 by press time. An outcome to be expected, especially considering that there is always some profit-taking after a major rally.
It is important to note here that XRP has captured most of its recent gains well. Moreover, it has had some advantages over the past 2 days, confirming that it is in good demand even at that price point. This is confirmation that it has finally broken out of the lower range where it has been stuck since mid-June.
Many on-chain observations seem to align with the current momentum in Ripple's favor in the ongoing lawsuit. For example, its whale trades index on Santiment has seen increased activity since early October.
This increase in whale activity mirrors the increase seen over the past 3 days: a confirmation of buying pressure. XRP’s 30-day MVRV rate also saw an increase as the accumulation drove the altcoin’s price higher.
XRP Daily Active Addresses Index remains closer to the 4-week range after recording a decline since the last week of September. In fact, it hasn't generated many rallies at the time. press, despite the 3-day rally and MVRV's advantage.
The lack of significant variation in daily active addresses may indicate that the retail merchant segment has not responded to whale activity. However, we have seen a slight increase in the most recent 24-hour window.
Whale action tends to precede or accompany the retail activity. The recent whale activity will most likely encourage retail liquidity flows, in which case XRP price action could be in favor of the bulls.
However, this does not take into account unexpected bearish events that may occur.
Oct 06, 2022