After a recent market drop, Ripple (XRP) managed to recover some of its losses. The digital currency saw a 4.38% growth in the past 24 hours, reaching $2.26. Ripple is now trading 7% higher than its $2.12 price floor, indicating improved sentiments in the crypto market. Key factors driving this price surge are examined below. One key factor contributing to Ripple’s price growth is optimism regarding the potential settlement of the long-standing legal case with the U.S. Securities and Exchange Commission (SEC). The recent reduction in enforcement actions against crypto companies by the new SEC management has sparked rumors of a possible settlement. Even if the case isn’t settled, a favorable agreement could be reached under new management or a change in regulatory approach, boosting institutional investor interest and market trust in Ripple. Following a 15% price drop last week, market whales have been accumulating Ripple. According to on-chain data, whale addresses holding between 1 million to 10 million XRP and 10 million to 100 million XRP significantly increased their holdings since February 24th. A total of 440 million XRP (approximately $1 billion) was purchased by whales in the past week, indicating large investors anticipate price growth, which could stabilize prices and initiate an upward trend. A V-shaped reversal pattern in Ripple’s price chart since February 25th is considered a bullish signal. This pattern completes when the price reaches the resistance level above the V-shape (called the neckline). Currently, Ripple is trading just below a key resistance zone between $2.35 to $2.58, where the 50, 100, and 200-day moving averages converge. To confirm this pattern, the price must reach $2.74. If the upward trend continues, the next target is $2.84, last seen on February 14th, representing a 30% increase from the current price. On the other hand, the Relative Strength Index (RSI) increased from an oversold saturation level of 17 on February 25th to 44, indicating strengthened bullish momentum. Dark Defender, a renowned analyst, believes that Ripple’s price correction has ended, reaching the lowest Fibonacci level in the fourth wave on the monthly timeframe. He predicts that Ripple, regardless of the SEC case outcome, is on a path towards $8. If this forecast materializes, Ripple investors may witness one of the best returns in the coming months. Visit the digital currency page for real-time cryptocurrency prices.
