Analyst Says XRP Remains Strongest Compared To Bitcoin And Ethereum, Heres Why
Crypto analyst RLinda has revealed that XRP is showing impressive strength despite the decline in Bitcoin and Ethereums price. She explained why XRP suddenly has such a bullish outlook, considering that the crypto token has underperformed since the start of the year.
XRP Is The Strongest In The Market
RLinda mentioned in a post on TradingView that XRP is the strongest in the market. She noted that the crypto token has been holding quite well as traders and investors are again becoming bullish on XRP due to its improving fundamental backdrop. She alluded to the long-running legal battle between the US Securities and Exchange Commission (SEC) and how Ripple CEO Brad Garlinghouse recently stated that he expects the lawsuit to end very soon.
RLinda also mentioned the rumors that the SECs closed-door meeting on July 25 was related to a potential 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 accumulated over 140 million XRP tokens this 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 total addresses interacting on the network, both metrics at their highest levels since March. This again highlights the bullish sentiment that investors are beginning 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 is believed to have been a stumbling block to XRPs growth in the 2021 bull run. XRP is also long overdue for such a rally, seeing how it has consolidated for over six years. As such, an end to the lawsuit could provide the much-needed catalyst to spark such price movement.
Interestingly, crypto analysts like JackTheRippler previously predicted that XRP could climb as high as $100 once the case between the SEC and Ripple ends.
Key Price Levels To Watch Out For
RLinda mentioned that the price range between $0.6378 and $0.5712 is worth paying attention to from a technical perspective. She claimed that XRPs price may test liquidity below the support before subsequent growth if it fails to break the resistance level at $0.6378. She also highlighted another crucial resistance level at $0.7440.
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 lawsuit and asserted that it would give XRP a second life. She suggested this could lead to a successful breakout from the $0.6378 price level, which she added will open a new path for the crypto token.
At the time of writing, XRP is trading at around $0.6, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
Read more: https://www.newsbtc.com/analysis/xrp/xrp-bitcoin-and-ethereum/
Text source: NewsBTC
