XRP prices surged after the conclusion of the SEC case against Ripple, sparking renewed interest and bullish momentum.
Technical Analysis: XRP's Confident Rise
The Directional Movement Index (DMI) indicates that buyers are in control. The Average Directional Index (ADX) has risen from 15.64 to 20.4, indicating a strengthening trend. The +DMI has surged from 18.3 to 39, while the -DMI has fallen from 19.63 to 12.97, demonstrating aggressive demand and reducing supply. Continued momentum could lead to further XRP price increases.
XRP Users Hit All-Time Activity Highs
XRP network activity reached a record 1.19 million active addresses in a week, a fivefold increase from February 2023. This growth reflects heightened interest from both retail and institutional investors. While increased activity can lead to higher volatility, XRP remains bullish, with the potential formation of a golden cross on the charts.
XRP Sales Reduction: Ripple CEO's Statement
Ripple CEO Brad Garlinghouse hinted in a Bloomberg interview at potential reductions in XRP sales. Although Ripple currently holds 42% of the total XRP supply, Garlinghouse suggested they may sell less in the future. Additionally, Ripple aims to expand its ecosystem and elevate the Ripple USD stablecoin to a top market position.
The SEC case resolution positively impacted the XRP market. With increasing user activity and planned sales reductions, XRP could strengthen its position and continue its growth.
