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XRP coin’s price has experienced the biggest surge in recent days, following the rise in Bitcoin (BTC) and the dismissal of the case against Ripple by the US Securities and Exchange Commission (SEC) after the regulator dropped the lawsuit against the company’s top executives. The leading cross-border money transfer altcoin is currently trading at $0.5232, with a 7.15% increase in the last 24 hours. Now, let’s take a look at the latest XRP news, expectations for the altcoin, and what the XRP chart indicates.
XRP Starts Rising with Positive News
The US federal regulatory body, SEC, has dropped the lawsuit it filed against Ripple’s top executives, Brad Garlinghouse (CEO) and Chris Larsen (Chairman of the Board). In its application to the US Southern District Court of New York, the SEC requested the dismissal of the executives’ case file and stated that no hearing was necessary. The application did not mention the lawsuit partially in favor of Ripple that was concluded in early July between SEC and Ripple.
Stuart Aldeorty, Ripple’s executive and the company’s legal officer, emphasized that the SEC’s move is not a result of a settlement and shows that the US federal regulator has given up. Furthermore, Ripple’s statement interpreted the SEC’s move as a sign that the US federal regulator has given up.
Investors responded to this news by buying more XRP, triggering significant buying pressure. The price of XRP is currently above the 100-day Exponential Moving Average (EMA) (blue line) and is moving above the 21-day EMA (red line), confirming the Golden Cross formation.
The 200-day EMA (purple line) at $0.5048 is currently lined up to support the price of XRP in case investors take profits. Additionally, the Moving Average Convergence Divergence (MACD) indicator continues to show a bullish outlook, suggesting that XRP can continue its upward trend with a target of $0.54.
Whales Accumulating XRP Coin
One of the biggest factors supporting the rise in XRP coin is crypto whales who hold and rapidly accumulate XRP between 10,000 and 10 million tokens. According to on-chain data platform Santiment, this group of investors currently holds 29.5% of XRP’s total supply in their wallet addresses.
If the buying trend among crypto whales continues, the price of XRP can sustain its upward trend towards $1. In this scenario, investors can witness a larger bull run towards the all-time high of $3.40 recorded in 2018.
