The post XRP Marks a 7-Year High Above $3; A 200% Jump is Imminent As Trump’s SEC Reviews Pending Crypto Cases appeared first on Coinpedia Fintech News
XRP price continues to rise as the markets become bullish ahead of the change in U.S. leadership. Bitcoin again attempted to rise above the crucial resistance at $100K but failed to sustain. Meanwhile, the bulls prevented excessive price drain as the markets flipped the prevailing bearish price action. The main reason for the growing certainty over the markets is the rising XRP price, as it remained passive for quite a long time. Now that the levels have marked a 7-year high, the probability of a new ATH above $4 seems inevitable.
Recent reports suggest that the ongoing Ripple vs. SEC lawsuit is approaching its destiny. Ripple’s Chief Legal Officer believes the ongoing lawsuit will be scrapped soon after Trump assumes his office as the new President of the U.S. This has made the market participants optimistic about the token and the rising search volume for XRP surpassing Bitcoin substantiates the claim.
With the rise in the search volume, there is also an increase in trading activity. Active address count, which displays the traffic over the platform, has rebounded from the interim lows, suggesting a massive increase in trading activity. It indicates a steep rise in the number of addresses contacting the platform to perform a trade, regardless of whether it is a buy, sell, or swap trade.
The active address count has been surging since the November 2024 breakout but has been consistently rising since the start of the month. The addresses have surged from the range of around 63K to levels above 97K in the past couple of days. While the trading activity is on the run, there has been a constant drop in the new traders as the active supply maintains a steep descending trend. This suggests the whales have been actively trading on the platform and as a result, their wallet count has been increasing dramatically.
The address count with more than 1 million XRP tokens has surged from levels around 2200 to as high as 2600, hinting towards a massive whale accumulation. With this, the XRP price has secured levels not seen since January 2018. Now that the XRP price has broken the upper resistance of a bearish pattern, a continued ascending trend could be imminent. This suggests XRP could be a sleeping giant, as the price now appears to be primed to mark a new ATH in a short while from now.
