XRP Soars After Ripple Settles SEC Lawsuit, Analysts Predict Bullish Run

XRP price surged 20% in 24 hours following the conclusion of the multi-year legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). The settlement saw Ripple pay a $125 million civil penalty, significantly lower than the initial $2 billion proposed by the SEC. Ripple CEO Brad Garlinghouse hailed the outcome as a victory for the industry.

Short squeeze fuels price increase: The unexpected price surge caught futures traders off guard, leading to a liquidation of $5.4 million in short positions within four hours. Analysts predict further liquidations if XRP reaches $0.65.

Bullish chart patterns emerge: Technical analysts are optimistic about XRP’s future. Steph is Crypto, a renowned analyst, points to a bullish triangle pattern on the monthly chart, accompanied by a significant increase in trading volume. Similarly, a symmetrical triangle pattern forming since 2018 on the weekly chart suggests a potential breakout towards $1 and a new all-time high. This bullish sentiment is reflected in over $2 million being placed on XRP’s $1.10 call option.

Whale accumulation and top holder thresholds: Santiment data reveals aggressive accumulation by XRP whales in recent weeks, with those holding over one billion tokens increasing their positions. Analyst Edo Farina also shared updated thresholds for joining the top tiers of XRP holders globally. Currently, 3,011 XRP secures a spot in the top 10%, while 61,237 XRP qualifies you as a “whale” in the top 1%.

Short-term consolidation expected: Despite the recent surge, XRP faces a resistance level at $0.63. Analysts predict a short-term consolidation phase as the market determines its next move. Breakout targets include $0.71 (resistance) or $0.48 (support).

XRP/USD Technical Analysis

The daily and 4-hour charts by Shayan reveal XRP is currently trapped within a crucial price range between $0.63 and $0.55. A breakout above $0.63 could lead to a surge towards $0.71, while a break below $0.55 could see a further decline to $0.48. The upcoming period will be crucial in determining XRP’s next major move.