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XRP is very trendy - Three reasons for the current success of the Ripple cryptocurrency

 


An example of this is that the XRP price gained a whopping 25% in 30 days after both parties to the dispute applied to the competent court for a verdict as soon as possible. During the same period, bitcoin 

The 'bull flag' is a positive price pattern that forms when a flat range wedge forms after a sharp upleg. Such continuations typically resolve and continue in the direction of the previous uptrend.  


In the daily chart, the XRP price has settled within such a structure since the end of September (see below). In the course of this, the Ripple cryptocurrency has already tried to climb up from the flag twice, but without success. The third attempt is due in the next few days.

In theory, after a bull flag breakout, price climbs by the same amount as the previous major upleg. Accordingly, the XRP rate could jump to $0.63 in Q4 2022.


That would mean a whopping 35% increase.


Accumulation picks up speed

The favorable starting position for XRP in the technical analysis is supported by other positive indicators from the on-chain data, which point to accumulation.


Above all, the average "coin age" - i.e. the average age of all available currency units in relation to the respective purchase price - has been rising again since September, according to data from Santiment. This suggests that Ripple investors are currently holding their XRP again, rather than selling it off.

In addition, crypto data service Whale Alert indicates that several million US dollars worth of XRP have recently been withdrawn from major crypto exchanges such as Bitstamp and Bitso, further reducing the existing supply volume.


Since Oct. 14, investors have moved a total of $126 million from crypto exchanges to their wallets. At the same time, only $78.99 million in XRP was deposited on trading platforms.

Is Ripple Victory Approaching?

As mentioned at the beginning, the origin of this positive mood around XRP is Ripple’s apparently increasing chances of winning in the proceedings against the SEC.


One of Ripple's key arguments in the process is a speech by former SEC Director William Hinman , in which he shared his take on why he wouldn't classify Ethereum as a security at the 2018 Yahoo Finance All Markets Summit.


Following these statements, Ripple argues that the SEC should treat the proprietary cryptocurrency XRP similar to Ethereum. In fact, many observers see this as a powerful argument that could bring victory to the blockchain company. As one expert puts it :


“The news that the court dismissed the SEC's objection to disclosure of documents linked to Hinman's 2018 speech caused XRP to jump in price on September 30. The XRP price has climbed 12% in just 24 hours. Such uplegs could provide a first taste of where things are headed if Ripple wins the case.”

Ripple boss Brad Garlinghouse expects the process to be completed in the first half of 2023. However, even the CEO considers the outcome of the proceedings to be difficult to predict.

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