Ripple News: XRP Price Faces Uncertainty Two Months After SEC vs. Ripple Verdict

The post Ripple News: XRP Price Faces Uncertainty Two Months After SEC vs. Ripple Verdict appeared first on Coinpedia Fintech News

In the wake of the historic SEC vs. Ripple summary judgment, the price of XRP continues to keep market participants guessing in the short term. However, long-term holders remain optimistic, recognizing the altcoin’s potential to surge beyond its all-time high (ATH) due to increased adoption by institutional investors. Additionally, Ripple is gearing up to host a celebratory event in New York to mark its monumental victory over the SEC.

Santiment’s Insights on XRP and XRPL On-Chain Metrics

Market intelligence platform Santiment has provided valuable insights into the on-chain data of XRP and the XRPL (XRP Ledger). Recent data reveals a significant decline in active addresses within the Ripple-backed blockchain over the past few months. Notably, in the last 30 days leading up to September 5, the number of active XRPL addresses dwindled to approximately 497,000, down from over 1 million before July.

This drop in active XRPL addresses has coincided with a sharp decrease in XRP’s daily average traded volume. According to the latest crypto market data sourced from Coinmarketcap, which is backed by Binance, XRP’s daily average traded volume stood at around $729 million on a recent Wednesday, marking a 14 percent decline in the past 24 hours. It is worth noting that XRP’s daily traded volume had surged to an impressive $14 billion following Judge Analisa Torres’s favorable ruling in favor of Ripple.

XRP Price Analysis

XRP’s price has retraced to the same horizontal consolidation levels observed prior to the SEC vs. Ripple ruling in early July. Currently trading around 50 cents, XRP finds itself trapped beneath the weekly 50 and 200 Moving Averages (MA), with the formation of a death cross. Consequently, experts in the cryptocurrency field are suggesting that XRP’s price could experience further declines in the upcoming weeks, potentially targeting the next significant support zone at approximately 46 cents.

The bearish outlook for XRP’s price will only be invalidated if the altcoin manages to reestablish the zone between 54 and 58 cents as a solid support level.

In conclusion, XRP’s short-term outlook remains uncertain, but the long-term prospects appear promising, driven by increasing institutional interest and the aftermath of the SEC vs. Ripple verdict. Investors and enthusiasts alike are eagerly watching the cryptocurrency’s journey as it navigates these dynamic market conditions.