Crypto analyst RLinda has 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 does too underperformed since the beginning of the year.
XRP is the “strongest” on the market
R Linda mentioned in a after on TradingView that XRP is the strongest on the market. She noted that the crypto token has done quite well as traders and investors become bullish on XRP again due to its “improving fundamental background.” She alluded to the long legal battle between the US Securities and Exchange Commission (SEC) and how Brad Garlinghouse, CEO of Ripple recently declared that he expects the trial to end “very soon.”
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RLinda mentioned it too the rumors that the SEC’s closed-door meeting on July 25 was related to a possible settlement with Ripple. As such, these bullish fundamentals have led to rising trading volumes, prices hitting local highs and increased whale activity. Bitcoinist recently reported that XRP whales have amassed more than 140 million XRP tokens in the past week.
Network activity on the XRP Ledger (XRPL) has increased significantly, with a notable increase in the number of new addresses on the network and the total number of addresses communicating 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 expect that the conclusion of the legal battle between the SEC and Ripple could trigger a massive rally for XRP, especially considering that this case believed to have been a stumbling block to XRP’s growth in the 2021 bull run. XRP is also long overdue for such a rally as it has been consolidating for over six years. As such, an end to the lawsuit could be the much-needed catalyst to spark such a price move.
Interestingly, crypto analysts like JackTheRippler previously predicted that XRP could rise as high as $100 once the case between the SEC and Ripple ends.
Key price levels to look out for
R Linda said the price range between $0.6378 and $0.5712 is worth paying attention to from a technical perspective. She claimed that XRP’s price could test liquidity below previous support subsequent growth if it fails to break the $0.6378 resistance level. She also highlighted another crucial resistance level at $0.7440.
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Meanwhile, according to RLinda, they are $0.5712 and $0.5100 crucial support levels that XRP should remain above as a decline below these levels could negate its bullish outlook. The analyst alluded to it again the lawsuit and claimed it would give XRP a “second life.” She suggested that this could lead to a successful breakout from the $0.6378 price level, which she said will “open a new path” for the crypto token.
At the time of writing, XRP is trading around $0.6, up almost 1% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com