- Ripple could see the end of its lawsuit with the Securities and Exchange Commission soon, per recent reports.
- An analyst predicts XRP rally to $17 through the Bent Fork chart, a bullish thesis for the altcoin.
- XRP traders at $0.44 on Wednesday, adding nearly 2% value on the day.
Ripple (XRP) traders are awaiting the final ruling in the US Securities and Exchange Commission (SEC) lawsuit against the payment remittance firm. A pro-crypto attorney, Fred Rispoli, informed market participants that a ruling is likely by July 31 2024, through a tweet on X.
XRP traders are awaiting the ruling, a key market mover for the altcoin, in July 2024.
Additionally, a crypto analyst behind the X handle @egragcrypto has analyzed XRP price trend and set a $17 target for 2025. While XRP trades at $0.44 on Wednesday, July 10, the analyst presents a Bent Fork chart as a thesis backing his prediction for the altcoin.
Daily digest market movers: Ripple traders await ruling in lawsuit, RLUSD launch
- The SEC alleges that Ripple sold unregistered securities (XRP tokens) to institutional investors and asked the court for over $2 billion in penalties. In a development in May 2024, the SEC quoted $102.6 million.
- Ripple filed a letter of supplemental authority, citing the Binance lawsuit, where Judge Analisa Torres’ ruling was considered as precedent. The ruling of Judge Amy Berman Jackson cemented the status of XRP as not a security in secondary market sales, meaning sales on exchange platforms.
- SEC filed its response to the supplemental authority letter. With both filings in, Ripple traders are awaiting a ruling in the lawsuit.
- Pro-crypto attorney Fred Rispoli says the ruling is expected as early as Saturday, July 13, or by July 31, 2024.
- The lawsuit has been a key market mover for the altcoin since the legal battle commenced.
- Alongside lawsuit developments, on-chain metrics have influenced XRP traders’ sentiment and the asset’s price in the past.
- Santiment data shows a large spike in active addresses in XRP on July 10; over 27,000 addresses were active on the XRP Ledger. This supports a bullish thesis for the altcoin, signaling rising demand and relevance among market participants.
 [18.06.04, 10 Jul, 2024]-638562148743802210.png)
XRP Active addresses and price
- After consistently realizing losses on their XRP holdings since May 30, traders realized $4.42 million in gains on July 10. The long period of negative spikes on the Network Realized Profit/Loss metric is consistent with capitulation among investors.
 [18.07.38, 10 Jul, 2024]-638562149070142047.png)
XRP Network realized profit/loss
Technical analysis: XRP analyst predicts rally to $17 by 2025, altcoin extends gains
Analyst behind the X handle @egragcrypto has predicted a $17 target for XRP by 2025 based on his Bent Fork chart. This is a long-term target for the altcoin that currently trades at $0.44 on Binance.
The analyst introduced the chart with key resistances at $1, a psychological hurdle, and $3.5, the asset’s all-time high. The analyst introduced the target for the first time in 2023 with four tracks,
A) Major Historical Support
B) Ranging Zone
C) Mid-Cycle Top
D) Cycle Top
The analyst considers the track D is the one that the altcoin is most likely to reach, with a slight variation. The target has been increased from $15 in 2023 to $17 in the latest update.
XRP/USD chart
On the XRP/USDT daily chart, it is clear that XRP is recovering from its recent downward correction. If Ripple extends its gains, the altcoin could add 8.45% to its value and hit resistance at $0.4760, the July 2 low and the upper boundary of the Fair Value Gap (FVG), as seen in the chart below.
The Relative Strength Index (RSI) reads 39.58, showing Ripple’s price trend has underlying positive momentum.
XRP/USDT daily chart
Ripple could find support at $0.4032, the July 8 low. In the event of further correction, XRP could sweep liquidity at the July 5 low of $0.3823.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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