- CZ applauds XRP’s resilience as Ripple case speculation and RLUSD stablecoin launch fuel market optimism.
- Whale Alert tracks $195M XRP transfer, boosting price momentum as Ripple’s stablecoin NYDFS approval boosts market sentiment.
- XRP nears key $2.36 resistance; analyst sees potential for $4 if bullish momentum sustains, despite overbought RSI levels.
Former Binance CEO Changpeng Zhao (CZ) has applauded XRP on X. His appraisal comes after XRP’s resilience during volatile market conditions, which the market attributes to developments in the Ripple case.
With hopes tied to the SEC potentially withdrawing its Ripple appeal and the launch of RLUSD stablecoin, XRP has seen changes in price activity, maintaining investor attention.
SEC Appeal and Ripple Case Speculation
The SEC’s pending appeal against Ripple has fueled speculation. The agency must submit its opening appeal by January 15, 2025, just days before SEC Chair Gary Gensler’s expected departure on January 20. Legal experts suggest that incoming leadership under Paul Atkins could shift regulatory outlook, potentially affecting the Ripple case.
Additionally, the New York Department of Financial Services (NYDFS) approved RLUSD on December 10, allowing the stablecoin to operate on the XRP Ledger and Ethereum blockchain.
This approval has boosted XRP demand and contributed to its price moves. Whale activities have further boosted this momentum. On Boxing day, Whale Alert reported a transfer of over 90 million XRP, valued at approximately $195 million.
XRP’s Price Levels and Indicators
On a two-week timeframe, XRP has shown strong bullish momentum. According to MikybullCrypto, XRP broke key resistance at $2.36, a 1.272 Fibonacci retracement level, but currently trades slightly below it at $2.16. The next resistance lies at $4.08, with immediate support around $0.84.
XRP’s rally pushed it beyond $1.50, suggesting a strong buying momentum. However, with the RSI at 77.36, XRP is in the overbought level that could lead to a possible pullback. The analyst says that a sustained move above $2.36 could push the price toward $4.08.
Market Participation and Moving Averages
XRP’s uptrend since late October pushed the prices above $1.00, peaking at $2.55 in November before correcting to $2.16. Moving averages show a sustained bullish sentiment. The MA50, which aligns closely with $2.00, indicates slowing momentum, while the MA200 at $1.50 shows broader support.
Open interest surged to $1.6 billion during XRP’s rally, indicating increased market activity. While open interest has since declined alongside prices, suggesting cooling momentum, a rebound above $2.30 could renew bullish activity.