Ripple recently secured a significant legal victory as the U.S. Securities and Exchange Commission (SEC) agreed to drop its lawsuit. Following this, XRP experienced a brief price rally but soon faced a strong resistance level.
On-Chain Metrics Soar
Amid these legal developments, XRP investors appear to be accumulating at current levels. Analyst Ali Martinez notes that the number of active XRP addresses surged to nearly 627,000, the highest since April 2023.
Key MA Resistance Hurdle
Following the SEC news, XRP surged to $2.58 but failed to break through the 50-day and 100-day moving averages. The chart indicates a potential bearish head and shoulders pattern, adding to uncertainty.
Future of XRP
With the legal uncertainties behind, the focus now shifts to technical breakout levels and overall market sentiment. A successful breakout could lead to new highs; otherwise, a short-term consolidation may occur.
Ripple's legal victory sets the stage for potential XRP movements. Whether the technical breakout occurs will be key to its future trajectory.
