Despite facing challenges from weak spot market demand and a market-wide sentiment shift, XRP is showing signs of bullish momentum. The cryptocurrency is trading above the mid-range resistance zone, with a strong possibility of a rally towards $0.7, the range high.
On-chain metrics point towards a positive outlook for XRP. While development activity has decreased recently, the network’s growth has remained stable and has shown slight improvement since June. The mean coin age has also been trending higher, indicating accumulation of tokens. Additionally, the dormant circulation is low, suggesting minimal selling pressure.
Short-term MVRV data reveals that holders are at a minor profit, although it is not as high as the mid-July levels. The XRP gains were significantly hindered by profit-taking activity and the broader market’s shift in sentiment during that period.
Liquidity levels suggest a potential target around the $0.58-$0.59 zone. However, a sweep of these levels could lead to a bullish rebound, potentially extending XRP’s price towards the range highs.
Also Read: 90% Price Fluctuations In XRP – Is This The Future Of Finance?
In other news, Stuart Alderoty, Chief Legal Officer for Ripple, has highlighted a significant development in the Kraken case. The court’s confirmation that there is no such thing as crypto asset securities is a major setback for the SEC.
This undermines the SEC’s regulation-by-enforcement policy, which is heavily reliant on the argument of crypto assets being securities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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