Ripple [XRP] price rose nearly 10% on 31st July, trading as high as $0.657 despite most altcoins trending in the red at the time.

The isolated price uplift saw the payments-focused token hit its highest price since 25th March, consequently dethroning USD Coin for sixth rank in market capital.

The substantial midweek boost follow an amendment by the Securities and Exchange Commission (SEC) in its complaint against Binance and its US subsidiaries.

Court documents dated 30th July show that the SEC doesn’t intend to claim that tokens, including SOL and MATIC, are securities as alleged when it brought complaints against the exchange in June 2023.

The Gensler-led agency previously deemed up to 10 tokens, including ATOM, SAND, MANA, ALGO, AXS, and COTI, as unregistered securities at the time.

The SEC has until the end of August to formalize the amendments, which would preclude an immediate courtroom ruling on the highlighted tokens.

Reacting to the news on X, Ripple executives, including CEO Brad Garlinghouse, called out the commission for inconsistent interpretation and enforcement of digital asset regulations. Ripple’s chief legal officer also voiced similar concerns on the social platform.

XRP continues appealing deep pocketed investors

Large entities investing in crypto have been aggressively accumulating for the better part of this year. XRP whale and shark activity has also shot up in recent weeks.

Crypto analytics platform Santiment observed in a 30th July post that the number of wallets with at least 10,000 XRP is at a six-month high.

Worth noting, XRP daily trading volume has swollen by 180% in the last 24 hours to $3.028 billion at press time, according to CoinMarketCap data.

XRP/USD technical analysis

XRP leads large-cap altcoin in gains over the last 30 days, up 36% during this period. From a technical standpoint, a retest of this year’s high of $0.75 could be on the cards as a mid-term target if bulls can retake the short-term $0.66 target in the coming weeks.

Immediate bearish momentum has not been strong enough to create a sell signal so far, as seen by the MACD line, which came close to crossing under the signal line but avoided the crossover.

The aversion suggests that upward momentum regained strength, causing the MACD line to move away from the signal line.

The MACD line and signal line divergence on the daily chart also indicates that the asset’s price might continue to rise, as the bullish trend has been reinforced and signals potential upward movement.

In the larger timeframe, XRP/USD is trading inside a pennant pattern with a potential breakout that could see the price test the resistance of $0.90.

At press time, the XRP price was consolidating above the critical psychological $0.60 level. Still, XRP/USD could be forced back to the support at $0.56 in the coming weeks.

Speculators especially need to watch out for the 1 billion XRP token unlock scheduled for next month, which could exert selling pressure.

Source : AMBCrypto - Jul 31, 2024