XRP Bulls Rise Again: Institutional Backing & Technicals Hint at Price Breakout Soon!

Solana (SOL) has recently overtaken Ripple-backed XRP in the digital asset market, relegating XRP to sixth place. This has caused the Ripple’s bulls to rise to defend its position. According to the latest market data, XRP’s daily trading volume has spiked more than 23 percent in the past 24 hours to about $1.3 billion.

XRP, a key player among utility altcoins, continues to enjoy substantial support from institutional investors. This support has notably intensified following Ripple’s significant legal triumph against the United States Securities and Exchange Commission (SEC).

Freedom from SEC’s Shackles

In late December, US District Judge for the Southern District of New York, Judge Jed Rakoff, ruled in favor of the US SEC that Terraform Labs and its co-founder, Do Kwon, offered unregistered securities through the LUNA and UST digital tokens.

This verdict stirred reactions within the Ripple community, particularly as they brace for their own trial slated for April. However, Ripple’s Chief Legal Officer, Stuart Alderoty, provided clarity, emphasizing that Judge Rakoff’s ruling neither reflected upon nor referenced Judge Analisa Torres’s earlier decision concerning Ripple.

I laugh when I see a crypto critic call the Terra ruling “mammoth” and then say Ripple’s victory is “minuscule.” Ripple’s win was a broadside, but even a small crack in a battleship compromises its structural integrity and will eventually sink it.
— Stuart Alderoty (@s_alderoty) December 30, 2023

Also Read: Decoding the Connection Between Ripple Buybacks and XRP’s Price Spikes

Increased Whale Activity

The past few months have been a bee hive of activity for the XRPL fueled by its top holders. Notably, a substantial 50 million XRP tokens, valued at around $31 million, were deposited into Bitstamp within a mere 24-hour span.

XRP Price Action Analysis

Taking a step back to assess the broader landscape, XRP’s pricing trend indicates its proximity to concluding a consolidation phase initiated post the 2021 market surge. Concurrently, XRP is on the verge of a potential breakout from its daily consolidation triangle—a development that could signify an impending bullish shift. Should such a breakout materialize, market analysts foresee XRP targeting its subsequent psychological resistance point near 94 cents.

Read More: Crypto Analyst Predicts Delay in XRP ETF Until Legal Case Resolved

Will Solana’s reign be short-lived? Is XRP poised for a comeback? Share your thoughts.

Source: https://coinpedia.org/news/ripple-price-rally-xrp-volume-skyrockets-amid-whale-accumulation/