The XRP market has been trapped in a multi-year wedge consolidation since 2018. Having missed a parabolic rally in the 2021 crypto bull market, the XRP community believes the momentum is pulling up for a significant breakout after the SEC vs Ripple lawsuit comes to an end.
Notably, the XRP price has been forming a rising trend with higher highs and higher lows since July last year. With last month’s breakout, whereby the asset registered gains of over 42 percent, the XRP price could easily reach a dollar before the end of this year.
However, the bullish outlook is heavily dependent on the SEC vs Ripple lawsuit outcome, where Judge Analisa Torres is expected to issue a ruling anytime.
Reasons for XRP Price Pump
The XRP market is globally traded despite several de-listings that happened after the United States SEC filed the lawsuit against Ripple. According to market data provided by Binance-backed Coinmarketcap, the XRP market has had a verifiable traded volume of approximately $1.1 billion in the past 24 hours. In the past 24 hours, about $607k was liquidated in the XRP derivatives market.
Analysis conducted by crypto market data Kaiko shows XRP traded volume on the South Korean exchange has been on the rise lately. Specifically, the XRP/KRW trading pair recorded an exponential increase in volume since March 26. Perhaps the previous statement by lawyer John Deaton that forecasted the end of last month as the timeline for Judge Torres to issue a ruling significantly influenced the trading volume.
Meanwhile, Kaiko data revealed that XRP retail traders significantly contributed to the recent pump as the whales were bearish. Moreover, data analysis from UpBit and Bithumb shows orders above 200,000 XRP, around $100K and above that are associated with whales, were mostly sell orders from March 28.
Source: https://coinpedia.org/altcoin/top-reasons-why-xrp-price-is-all-set-to-hit-1-soon/