XRP Price has been experiencing a gradual decline in value, continuing a bearish trend from the previous week. With dwindling trade volume, XRP’s price is now hovering around 48 cents, marking a decrease of approximately 3.3 percent over the past 24 hours, and falling below the 200-day weighted moving average (WMA).
This dip in XRP’s value puts it about 3 percent away from erasing the gains it made in mid-July, following a summary judgment ruling that significantly favored Ripple, the company behind XRP.
What Can Ignite XRP Price Rally?
One key influencer in the crypto space, Zach Rector, believes that XRP may be on the cusp of a bullish resurgence, primarily driven by developments surrounding the ongoing SEC vs. Ripple lawsuit.
The year-to-date (YTD) bullish momentum for XRP had taken a hit when the digital asset slipped below a critical support/resistance level of approximately 53 cents in recent weeks. Nevertheless, Rector is optimistic that XRP’s prospects could soon brighten.
One pivotal event to watch in the XRP saga is the SEC’s appeal of the summary judgment. This judgment determined that XRP sales on exchanges should not be classified as investment contracts, and thus, not considered securities. Rector is confident that the SEC’s appeal will likely fail since the initial ruling highlighted a lack of sufficient evidence to label XRP sales on exchanges as security assets.
Another potential catalyst for a bullish XRP surge, according to Rector, would be the adoption of the On-Demand Liquidity (ODL) program, powered by XRP, by a US-based bank or financial institution. This adoption would significantly reinvigorate XRP bulls and potentially drive up its value, especially in the context of cross-border payments.
Additionally, a settlement agreement between the SEC and Ripple is viewed as another major factor that could propel XRP into a substantial move. Such an agreement would not only resolve the legal uncertainties surrounding XRP but also provide much-needed clarity for XRP investors. The prospect of a settlement continues to be a key point of interest for those closely monitoring the cryptocurrency’s future.
