XRP Market Buzz: Investor Confidence Grows Amid SEC Developments and Whale Accumulation

Insights from Legal Experts: SEC vs. Ripple Labs

A retired securities lawyer, Marc Fagel, recently shared his insights about the SEC's appeal against Ripple Labs on its cryptocurrency, XRP. He said that in legal cases, delays do happen, and thus, if the SEC misses its deadline for filing its brief on January 15, 2025, it does not mean they are retreating. Fagel also pointed out that a new administration may decide to drop the appeal after Donald Trump's inauguration on January 20, 2025. This is considered unlikely but possible, especially since Trump may appoint former SEC Commissioner Paul Atkins, who is more favorable to cryptocurrencies. Meanwhile, the XRP market has reacted positively, with increased buying activity as investors speculate on the SEC's next steps. The upcoming deadline for the SEC's brief is crucial for Ripple and XRP investors, affecting market sentiment and investment strategies.

Whale Activity Influences XRP Market
Recently, large investors, or "whales," have been purchasing many XRP tokens and have accumulated approximately 1 billion tokens amounting to over $2 billion in just two days. This is after a price drop as the whales take advantage of relatively cheaper prices to strengthen their positions. This has made so many investors a little positive about XRP's future, and consequently, it increased by approximately 4% to a price of around $2.39. The XRP network also expanded as 58,000 new wallets have been established this year. Ripple Labs' legal position with the SEC continues positively, creating further investor confidence. If XRP can pass above a few barriers, the viewers are looking forward to a probable upward move. In general, the increased whale activity indicates that XRP will have a great future.

XRPUSD showed a minor pullback of more than 30% from a minor bottom of $1.95.  It hit an intraday high of $2.6025 and is currently trading around $2.5788. A daily close below $1.60 could signal a further minor bearish trend. XRP remains above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart confirming minor bullishness.

Resistance and Support Analysis
The immediate resistance level for XRP is around $2.75, and a breakout above this level will push prices higher to $3. Any breach above $3.30 confirms further bullishness, a jump to $4 or $5. On the downside, immediate support lies at $2.30 any break below targets $2.00, $1.60, $1.27, $1.00, $0.85, and $0.74.

CCI(50)- Bullish.

Directional Movement Index - Bullish.

Trading Strategy Recommendation

It is good to buy on dips around $2.37-40 with SL around $1.90 with SL around $4.