Key Insights

• XRP has been highly volatile this year and is currently trading between its 200-week and 50-week moving averages.
• Analyst Cheeky Crypto has warned of an incoming death cross between XRP’s 50 and 200-day moving averages.
• XRP is about to hit the 5 million “total amount of holders” mark.
• There is a possibility of a settlement between Ripple and the SEC, according to Zach Rector

XRP has been one of the most volatile cryptocurrencies on the market this year.

In particular, Ripple has been largely influenced by the proceedings of the ongoing legal battle between Ripple and the US Securities and Exchange Commission.

Sometime in July, the price of XRP more than doubled to $0.946 after a federal judge ruled that XRP sales on cryptocurrency exchanges comply with US securities regulations.

However, XRP has declined heavily since then and had a lot of trouble getting back up, especially around $0.5.

In this article, we will go over everything you need to know about XRP.

XRP Price So Far

According to CoinMarketCap, XRP is trading at $0.4936, with a 0.5% decrease over the last day, and a 2.36 price rally over the last week.

In the charts, we can see that XRP price today is trading safely atop a YTD ascending trendline.

This gives the cryptocurrency some degree of safety in terms of price, as illustrated below:

However, when we take a look at the weekly chart, we can see that XRP is currently trading between its 200 (red) and 50-week (blue) Moving Averages.

The 200-week moving average remained unbroken over the better part of the year until Ripple’s partial victory against the SEC sent XRP’s price into a breakout above this MA.

However, XRP is now back under the 200-week moving average and is now held up by none other than its 50-week moving average.

The weekly RSI, on the other hand, sits at the neutral zone, opening a possibility of price movements in either direction.

Keep Your Eyes Open! Analyst Warns

When we zoom into the daily chart, XRP presents some interesting outlooks. One of them is what appears to be an incoming Death Cross between its 50 and 200-day moving averages.

Analyst, Cheeky Crypto was the first to draw attention to this price anomaly, in a YouTube video posted recently.

Analyst, Nick from Cheeky Crypto mentioned how he sees short-term uncertainty for XRP in the charts, given the impending death cross between the daily 50 and 200-day MAs.

Citing the Elliot Wave theory, Nick mentioned that he expects a deeper bearish correction to retest the support zone between $0.35 and $0.39.

The only saving grace in this case, would be if the bulls manage to push XRP above $0.67 and reclaim the zone as a support base.

Remember the weekly chart we spoke about in the previous section? How XRP is bounded between its 200 and 50-day moving averages?

XRP needs to rally and break above $0.67 or stay above $0.44 at least.

Meanwhile…

XRP Network About To Hit a Massive Milestone

According to data from XRPL Services, the XRP Ledger is about to hit the 5 million “total amount of holders” mark.

The astounding surge of addresses illustrated by the chart above says it all.

The network currently has over 4.78 million accounts, with a combined balance of over 58.68 billion XRP. This represents a significant portion of the total XRP supply, which is 100 billion.

If that wasn’t enough, one of the most remarkable aspects of this is that out of these millions of accounts, only 1,115 have a zero balance.

This indicates that the vast majority of XRP accounts are actively engaged, and provides some interesting optimism for the network as a whole.

The XRP ecosystem is showing signs of a healthy and thriving ecosystem and is especially bullish from a fundamental perspective.

Major SEC Versus Ripple Update – Are We About To See a Settlement?

The Securities and Exchange Commission plans to challenge Judge Analisa Torres’ rulings very soon.

Recall that in July, Judge Torres granted Ripple a partial victory, stating that XRP was not a security on some counts, and sending the cryptocurrency’s price skyrocketing.

However, Ripple has no intention of giving up the fight. Monica Long, the president of Ripple, recently emphasized that the company intends to pursue the SEC’s appeal case “all the way.”

“We got clarity from the court’s ruling. And the judge’s ruling in that case, said unequivocally that XRP is not a security in itself, which really opens the door to growing our company – not only in the US but also internationally,” Monica Long said during an interview with CNBC.

According to the SEC, Judge Torres’ summary ruling “clearly raises the type of ‘tricky legal problems'” that call for interlocutory review by a federal appeals court, according to a recent court filing.

Despite the SEC planning to appeal the ongoing case, Long asserted that Ripple is ready to battle the SEC to the last end.

Meanwhile, Zach Rector, a well-known influencer according to a recent tweet, thinks that Ripple is about to reach a favourable settlement with the SEC.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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