XRP price stands tall among crypto prices during the US trading session on Tuesday. Unlike Bitcoin (BTC) and Ethereum (ETH), which suffered a 2.6% and 4.5% setback amid increasing market uncertainty, Ripple’s XRP is up 1.7% to $0.5973.
XRP Price Market Movers: Whales Go On Buying Spree, MVRV Signals Buy, Ripple vs. SEC Lawsuit
- XRP price signals a major bullish move above $0.6 resistance as whales turn to the token, buying over 50 million XRP. On-chain data from Santiment reveals consistent growth in the number of tokens held in wallets, between 1 million and 10 million. Moreover, whale transactions with a more than 1 million USD value shot up to 25 on August 26, implying a positive long-term outlook.
- The Market Value Realised Value (MVRV) 2.445% increase on Santiment suggests that investors are holding XRP at a profit. This is a bullish indicator, suggesting potential upward price movement. However, caution will be advised as the metric continues to rise, as holders may choose to sell for profit, resulting in selling pressure and a correction.
- While the court delivered the final ruling in the Securities and Exchange Commission (SEC) against Ripple, uncertainly still shrouds the company and XRP price whether the regulator will proceed with an appeal. So far, the SEC has not revealed the direction it intends to take, especially Judge Analisa Torres falling short of granting an injunction against the sale of XRP to institutional investors.
- Nevertheless, Torres granted the SEC’s injunction, warning Ripple not to violate US securities laws in the future. An appeal could push XRP into disarray with a sell-off like to follow.
XRP Price Prediction: Targeting Inverse H&S Pattern
XRP price is gearing up for a major inverse head and shoulder (H&S) breakout. This 21.6% bullish thesis follows a minor correction from last week’s move to $0.63. Bulls embraced the 20-day Exponential Moving Average (EMA) support at $0.5863.
The pattern formed when XRP price established three relative troughs, with the middle trough (the head) being lower than the outer two (the shoulders). A neckline (dotted) connects the highs of the shoulders. Note that a breakout above the neckline signals a potential 21.6% bullish reversal to $0.74. Traders can profit by entering long positions after the breakout with stop losses below the same neckline.
The bullish outlook in XRP will cease to exist should the 20-day support fail to hold, resulting in another retracement toward the 20-day and the 200-day EMAs, respectively.
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