Hopes for settlement in Ripple vs. SEC generates $1 target for Q3

XRP Price Prediction: On Tuesday, the cryptocurrency market witnessed another wave of selling pressure as Bitcoin fell to a monthly low of $34,000. Bearish momentum quickly spread to the altcoin market as major assets such as Ethereum and Binance Coin (BNB) registered 3%, while Solana (SOL) and Cardano (ADA) registered more than 5%. Amid the decline, XRP price shows remarkable resilience, with a long rejection daily candle sustained above multi-year support.

Read too: Rollblock, Solana and Ripple Price Set to Rise as Bitcoin Sees Price Rally

XRP Price Prediction: Investor Optimism Drives XRP Inflows to $1.1 Million

XRP Price Prediction | Trading view

The XRP token over the past two months has seen moderate volatility in line with broader market consolidation. However, unlike most major cryptocurrencies that saw notable corrections in June, the XRP Price remained sideways above $0.46.

An analysis of the broader market context shows that the trendline support for XRP, established since March 2020, has effectively helped stabilize the price and mitigate deeper corrections. Recently, with a resurgence of investor interest, XRP recovered from $0.46, achieving a 7.56% increase from its current trading price of $0.492.

In a recent CoinShares report, digital asset fund flows for week 24 of 2024 reveal a total outflow of $600 million across various digital assets. Bitcoin faced the largest outflows, totaling $621 million, while Ethereum and XRP stood out with positive inflows.

Ethereum topped the entry charts with $13.1 million, and XRP followed suit with notable inflows of $1.1 million, the highest among other altcoins. This influx of capital into XRP funds signifies growing optimism among investors.

Read too: XRP Price Faces Turmoil Near $0.5 As Whales Shuffle 80 Million Coins, What’s Next?

Market sentiment around the Curling The legal case against the SEC has undergone a significant change, driven by the SEC’s recent decision to reduce its proposed settlement offer from $2 billion to $102.6 million. This development has sparked optimism among investors and the broader crypto community as it suggests that a potential resolution may be closer than anticipated.

Amid recent positive changes, XRP price is hovering above a crucial multi-year support level defined by a triangle pattern. This positioning increases the potential for a major market reversal.

A break above overhead resistance (marked by a black trendline) could potentially trigger a 30% rally, targeting the key resistance level marked by a blue trendline.

Breaking out of the triangle pattern will end XRP’s 5-year accumulation and encourage buyers to lead a rally above $2.

Technical Indicator:

• EMA: A bearish alignment between the daily Exponential Moving Average (20, 50, 100 and 200) highlights that the air pressure against the rise of XRP is aggressive,
• Relative Strength Index: The daily RSI slope has fallen from the 50% midline, indicating that market sentiment remains bearish.

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