Ripple’s settlement with the SEC leads to notable changes in XRP’s price action, signaling a shift in its performance.
- XRP leads post-SEC settlement, hits Golden Cross, and breaks multi-year triangle. The altcoin outperforms BTC, ETH; divergence signals rise, monthly money flow increases.
The SEC’s settlement of Ripple’s legal case, following Judge Analissa Torres’ decision requiring a $125 million penalty, has significantly impacted XRP.
This resolution has transformed XRP into a key player in global payments, with the UAE and India agreeing to use the altcoin for oil transactions.
As a result, there was increased anticipation of a bull run, especially as Ripple prepares to pay the SEC.
This development has led to notable changes in XRP’s price action, signaling a shift in the cryptocurrency’s performance.
Ripple’s XRP has shown impressive performance over the past 24 hours, rising 8% to $0.61 price level. This surge aligns with the formation of a Golden Cross on the daily price chart.
Source: TradingView
The overall recovery in the cryptocurrency market is expected to persist, with XRP positioned as a leading beneficiary.
A strong rally is expected soon if a close above $0.66 price level. The daily outlook shows XRP closing bullish and likely to gain more momentum, driven by its performance against BTC.
For eleven consecutive weeks, XRP has outperformed BTC, ETH, and the overall market by dominance.
The recent reversal from a key level, coupled with XRP/ETH being at its lowest since 2017, suggests it might be a good time to buy.
Source: TradingView
XRP poised for a massive breakout
XRP is set for a significant breakout from a multi-year symmetrical triangle pattern, possibly reaching a new all-time high in the coming months.
The recent SEC case closure is a major boost for Ripple and the cryptocurrency market.
This positive development is expected to help XRP break out of this long-standing pattern, potentially leading to a strong rally in Q3 or Q4 of 2024.
Source: TradingView
XRP has been leading the market recently, showing a new trend that many traders may struggle to adapt to.
Unlike previous patterns where BTC and XRP moved together, the latter has created a higher low, while BTC made a lower low, indicating a significant shift.
Source: TradingView
This divergence often signals a reversal in trends. As a result, XRP might hit new highs, with projections suggesting a possible price of $2 by early 2025.
Promising monthly money flow
XRP’s monthly Money Flow was showing positive signs at press time, with higher highs compared to the XRP/USD chart. This indicates increased investment and growing interest.
As more money flows into XRP, it is likely to drive the price higher, suggesting a potential upward trend for the cryptocurrency.
Source: TradingView
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