In this article, we will discuss recent developments in the world of XRP (a cryptocurrency) and potential future price movements. We will also look at on-chain data related to XRP wallets.
Recent Developments
The SEC’s enforcement lawyers did not label XRP as a security in an internal memo from 2018. This memo was recently made public and has led to speculation that the SEC’s case against Ripple may be weakened.
Ripple’s XRP is currently undervalued despite bearish sentiment in the cryptocurrency market. The price of XRP has been declining in recent months, but there are signs that it may be bottoming out.
Technical Analysis
Technical analysis of XRP’s price chart suggests that it is currently near the 50 EMA, which is a potential resistance level. A break above this level could lead to further gains, with a target of around 59.739 cents.
However, the analysis also suggests a fifth wave movement to the downside, with targets around 35 to 39 cents. This would be a bearish development, but it could also provide an opportunity to buy XRP at a discount.
On-chain Data
On-chain data shows that there is accumulation among wallets holding over 1 million XRP, despite recent decreases. This suggests that long-term investors are still bullish on XRP.
Accumulation is also noted among wallets with 100,000 and 10,000 XRP or more. This suggests that there is still interest in XRP among retail investors.
Ripple’s Legal Battle with the SEC
Ripple’s legal battle with the SEC is still ongoing, and it is unclear how this will ultimately be resolved. However, the recent developments in the case could be a positive sign for XRP.
Trading Strategy
If you are considering trading XRP, it is important to be aware of the risks involved. XRP is a volatile asset, and its price can fluctuate wildly. It is also important to use technical analysis and on-chain data to make informed trading decisions.
One possible trading strategy for XRP is to buy it if it breaks above the 50 EMA. However, it is also important to set stop-losses to protect your capital in case the price falls.
Conclusion
The price of XRP is uncertain, and it is impossible to say for sure what will happen in the future. However, by understanding the recent developments and technical analysis, you can make informed decisions about how to trade XRP.
