- XRP Leads Post-SEC Settlement, Hits Golden Cross, Breaks Multi-Year Triangle
- Altcoin outperforms BTC, ETH; divergence signals increase, monthly money flow increases.
The SEC’s settlement of Ripple’s legal case, following Judge Analissa Torres’ ruling requiring a $125 million penalty, has had a significant impact on XRP.
The resolution transformed XRP into a key player in global payments, with the United Arab Emirates and India agreeing to use the altcoin for oil transactions.
As a result, there has been an increasein 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 by 8% to reach the $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 continue, with XRP being one of the main beneficiaries.
A strong move higher is expected soon if the closing price breaks above $0.66. The daily outlook shows that XRP is closing higher and is likely to gain momentum, driven by its performance against BTC.
For eleven consecutive weeks, XRP has outperformed BTC, ETH, and the overall market in terms of dominance.
The recent reversal of a key level, coupled with XRP/ETH being at its lowest level since 2017, suggests that now could be a good time to buy.
Source: TradingView
XRP is about to experience a massive breakout
XRP is on the verge of breaking out of a multi-year symmetrical triangle pattern in a significant way, possibly reaching a new all-time high in the coming months.
The recent closure of the case by the SEC is a major boost for Ripple and the cryptocurrency market.
This positive development should help XRP break out of this long-standing trend, which could lead to a strong recovery in Q3 or Q4 2024.
Source: TradingView
XRP has been dominating the market recently, showing a new trend that many traders may find difficult to adapt to.
Unlike previous patterns where BTC and XRP moved together, this one created a higher low, while BTC created a lower low, indicating a significant change.
Source: TradingView
This divergence often signals a trend reversal. As a result, XRP could reach new highs, with projections suggesting a possible price of $2 by early 2025.
Read Ripple (XRP) Price Prediction for 2024-25
Promising monthly cash flows
XRP’s monthly money flow was showing positive signs at press time, with higher highs on the XRP/USD chart. This indicates increased investment and growing interest.
As more money flows into XRP, the price is likely to increase, suggesting a potential uptrend for the cryptocurrency.
Source: TradingView
