Cryptocurrency Analyst RLinda has revealed that XRP is showing impressive strength despite the falling price of bitcoin and ethereum. He explained why XRP suddenly has such a bullish outlook, considering that the crypto token has underperforming Since the beginning of the year.
XRP is the “strongest” in the market
RLinda mentioned in a mail On TradingView, XRP is the strongest on the market. He noted that the crypto token has been holding up quite well as traders and investors are once again bullish on XRP due to its “improved fundamental backdrop.” He alluded to the protracted legal battle between the United States and China. Securities and Exchange Commission (SEC) and how Ripple CEO Brad Garlinghouse It was recently declared who hopes that the judicial process will end “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 deal with Ripple. As such, these bullish fundamentals have led to increased trading volumes, prices hitting local highs, and heightened whale activity. Bitcoinist recently reported that XRP whales accumulated over 140 million XRP tokens last week.
Network activity in the XRP Ledger (XRPL) The price of XRP has increased significantly, with a noticeable rise 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 hope that the conclusion of the legal battle between the SEC and Ripple could trigger a massive rally in XRP, especially considering that this case is believed have been a hindrance to XRP’s growth in the 2021 bull run. XRP should have also seen such a rally long ago as it has been consolidating for over six years. As such, the end of demand could provide the much-needed catalyst to spark such a price movement.
Interestingly, cryptocurrency analysts like JackTheRippler Previously predicted that XRP could rise to $100 once the case between the SEC and Ripple ends.
Key price levels to watch
bitcoin-crash-below-57000/” rel=”nofollow”>RLinda He mentioned that the price range between $0.6378 and $0.5712 is worth paying attention to from a trading point of view. Technical perspectiveHe stated that XRP price may test liquidity below the support before crypto-pundit/” rel=”nofollow”>subsequent growth if it fails to overcome the resistance level of $0.6378. It 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 demand and claimed that it would give XRP a “second life.” He suggested that this could lead to a successful breakout of the $0.6378 price level, which he added will “open up a new path” for the crypto token.
At the time of writing, XRP is 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
