Why is XRP price now?

XRP (XRP) that -pared some losses following this week Market crashingwith 8% days -Ows earned in the last 24 hours to trade at $ 2.17.

The top ten altcoins traded 12% above 24 hours less than $ 1.94 because the sentimental crypto market shows signs of recovery.

Let’s check the main drivers behind the XRP rebound today.

The Potential removal of the SEC of the Ripple case

One of the most significant catalysts that puts an increase in XRP prices has been changed Optimism about possible end Ripple’s long -standing legal battle with the US Securities and Exchange Commission (SEC).

What should you know:

• The Sec sued ripple In December 2020, Ripple was said to have sold XRP as an unregistered security.

• This lawsuit has released shadow on XRP for many years, such as price suppression and adoption.

• Last week, the new SEC administration has been -scale actions in its implementation against crypto companies.

• The agency closed legal cases against Coinsase, ConsensysRobinhood, Underpand Gemini.

• This caused rumors and speculations that the SEC could remove its case against Ripple.

• If not, not Reaches a welcome -to -existence Under the new leadership or transfer of regulatory priorities may still be possible.

• While there is no official communication from the SEC, only the possibility of a resolution ignores bullish feelings.

Related: XRP prices can increase by 50% to $ 3 if the support support level – Analysts

XRP whales gathered in dips

In addition, there is aggressive accumulation of XRP whales following the 15% altcoin crash for the last seven days.

Basic points to note:

• Whales are creatures with great XRP handling capable of influencing the market.

• Onchain data has often announced players who are taking XRP during price dips, treating pullbacks as purchase opportunities.

• Earlier weeks were no different, with onchain data showing increased activity in purses with large amounts of XRP.

• The chart below shows that addresses with 1 million-10 million XRPs and 10 million-100 million XRPs have increased their holdings strongly since February 24th.

• Last week, these addresses increased their collective handling of 440 million XRP, worth nearly $ 1 billion.

XRP price eyes are a recovery shaped V.

XRP price action takes care of a V-shaped recovery chart pattern in a four-hour chart since Feb. 25, as shown below.

• A V-shaped recovery is a bullish pattern formed when an property experiences a sharp price increase after a steep decline.

• It is completed when the price moves to resistance to the top of the V formation, also known as neckline.

• The XRP appears to be in a similar trajectory and is now trading under a major supply of supply of supply between $ 2.35 and $ 2.58, where 50-period, 100-day and 200-day simple moving average (SMA) are currently sitting.

• This indicates that the bulls need to push the XRP above this area to increase the chances of rising the price on the neckline to $ 2.74 to complete the V-Pattern.

• Higher than that, the next logical move is the monthly high $ 2.84 reached on Feb. 14.

• This represents a 30% offering from the current price.

Meanwhile, analyst Dark Defender said the XRP/USD completed the corrective wave after it “reached the lowest level of Fibonacci for a 4 -4 -wave” in the monthly frame of time.

The analyst believes the XRP is on track to continue the pattern to the height of $ 8, with or without news from the SEC.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.