{"id":5123,"date":"2024-09-10T08:58:05","date_gmt":"2024-09-10T08:58:05","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5123"},"modified":"2024-09-10T08:58:05","modified_gmt":"2024-09-10T08:58:05","slug":"xrp-price-surge-on-the-horizon-this-vital-ripple-metric-suggests-so","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5123","title":{"rendered":"XRP Price Surge on the Horizon? This Vital Ripple Metric Suggests So"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

XRP\u2019s price saw a slight increase in the past 24 hours and a declining supply on exchanges suggests a further uptrend.<\/span>
\nThe ongoing legal battle between Ripple and the SEC could impact the asset\u2019s price as both sides consider their next steps ahead of an October deadline.<\/p>\n

<\/a><\/h2>\n

XRP Might be Gearing up for a Rally<\/span><\/h2>\n

Ripple\u2019s XRP has followed the overall resurgence of the cryptocurrency market, witnessing a mild price increase of 2% <\/span>on a daily scale<\/span>. <\/span>It briefly surpassed $0.54 <\/span>several hours ago<\/span> before settling at the current $0.53 (per CoinGecko\u2019s data).<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

One <\/span>important<\/span> indicator<\/span>, though,<\/span> suggests that a more <\/span>serious<\/span> uptrend could be in the cards.<\/span> This<\/span> is the XRP supply on exchanges, which has tumbled significantly. <\/span>According<\/span><\/a> to Santiment, 2.58 XRP million tokens <\/span>are currently held<\/span> on trading venues, the lowest mark in approximately seven months.<\/span><\/p>\n

<\/a>XRP Supply on Exchanges, Source: Santiment<\/p>\n

The declining supply on exchanges typically hints that fewer assets are available for immediate sale, with a rising share of investors preferring to hold their stash via self-custody methods. The reduced immediate selling pressure, in turn, could be viewed as a bullish factor for the price of XRP.\u00a0<\/span><\/p>\n

Many analysts are also optimistic that the asset\u2019s valuation will <\/span>head north soon<\/span>. X user CRYPTOWZRD claimed that XRP\u2019s daily chart closure was bullish, outlining potential further gains <\/span>soon<\/span>. \u201cI will be tracking the intraday chart formation tomorrow to get the next trade,\u201d they <\/span>added<\/span><\/a>.<\/span><\/p>\n

Other analysts <\/span>predicting<\/span><\/a> good days <\/span>ahead<\/span> for XRP include Crypto Bitlord and Mando CT. The former called the asset undervalued, setting a <\/span>somewhat<\/span> ridiculous target of $27. Mando CT \u2013 <\/span>who is<\/span> known as a strong supporter of Bitcoin (BTC) \u2013 argued there is a clear bullish divergence, promising to accumulate as many XRP tokens as possible.<\/span><\/p>\n

Awaiting for Ripple v. SEC Developments<\/span><\/h2>\n

One <\/span>important<\/span> factor that could trigger additional volatility for XRP\u2019s price is the outcome of the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Last month, Judge Torres <\/span>ordered<\/span><\/a> the company to pay a $125 million fine for violating <\/span>certain<\/span> securities laws.\u00a0<\/span><\/p>\n

The amount represents a 94% deduction on the regulator\u2019s initial demand for $2 billion, which caused many (including Ripple\u2019s CEO Brad Garlinghouse) to declare the decision a victory.<\/span><\/p>\n

Both parties have until early October to contend with the ruling, as the SEC seems more inclined to do so. Earlier this month, Ripple <\/span>filed<\/span><\/a> a motion requesting a stay on the monetary portion of the Court\u2019s Judgment, which was entered in August. <\/span>The firm\u2019s lawyers revealed that the regulator agreed with the proposed terms and delayed<\/span>\u00a0the payment (which was due on\u00a0<\/span>September 6<\/span>).<\/span>\u00a0<\/span><\/p>\n

Some X users suggested the move could be a precursor of an appeal from the SEC. The American lawyer Fred Rispoli, for example, <\/span>said<\/span><\/a>:<\/span><\/p>\n

\u201cGoing through all this effort\u00a0<\/span>with<\/span>\u00a0<\/span>establishing<\/span> a trust for the funds boosts chances of an appeal\u00a0<\/span>IMO<\/span>.<\/span> But ultimately<\/span>, this is just the safest\u00a0<\/span>play<\/span> for SEC to buy time until the\u00a0<\/span>Oct. 7<\/span> deadline to appeal.\u201d<\/span><\/p>\n

It will be interesting to see how the case <\/span>will fold out<\/span> in the following months and whether it will <\/span>have a significant impact on<\/span> XRP\u2019s price.<\/span> Historically, major developments surrounding the lawsuit have triggered double-digit price movements for the asset.<\/span><\/p>\n

The post XRP Price Surge on the Horizon? This Vital Ripple Metric Suggests So<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP\u2019s price saw a slight increase in the past 24 hours and a declining supply on exchanges suggests a further uptrend. The ongoing legal battle between Ripple and the SEC could impact the asset\u2019s price as both sides consider their next steps ahead of an October deadline. XRP Might be Gearing up for a […]<\/p>\n","protected":false},"author":0,"featured_media":5124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5123"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5123"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5124"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}