Categories: Crypto News
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2023-12-05 11:40 AM

XRP Hits Transaction Milestone; Price Rebound on the Horizon

  • Ripple's Legal Battle Influences XRP Market: Ripple's ongoing lawsuit with the US SEC has kept XRP as a key talking point in the market, with transaction activity surging amidst settlement discussions.
  • Record High in XRP Transactions: XRP's transaction count has significantly increased since mid-August 2023, surpassing 1.38 million for the first time in three months, signaling heightened interest and activity in the network.
  • Potential XRP Price Recovery: Despite recent sideways trading below $0.6400 (ZAR 12.04), XRP's price is expected to recover, with technical analysis suggesting a possible rebound to $0.7500 (ZAR 14.11).
By Nonhlanhla

Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC) remains a focal point in the cryptocurrency market. As the legal discourse continues, XRP has witnessed a significant surge in transaction activity.

Throughout December, XRP’s price fluctuated below $0.6400 (ZAR 12.04). However, market analysts are optimistic about its recovery. The altcoin’s future is closely tied to the outcome of the SEC v. Ripple lawsuit, a major topic among XRP holders.

The private meeting between the SEC and Ripple on November 30 sparked hopes for potential settlement talks. Ripple’s partial victory in the lawsuit has been crucial, as it shapes the sentiment of XRP holders. The ongoing SEC case continues to impact their outlook on the altcoin.

XRP transaction activity has been rising since mid-August 2023, crossing the 1.38 million mark for the first time in three months. This data, sourced from XRPscan, indicates growing interest and activity in the network.

Brad Garlinghouse, CEO of Ripple, shared insights with CoinDesk on the lawsuit. He believes that Ripple’s partial victory was pivotal. If the case against Ripple executives hadn’t been dismissed, the SEC might have pursued other crypto projects more aggressively.

As XRP holders eagerly await hearing dates set by Judge Analisa Torres for 2024, the possibility of a settlement remains a hot topic.

Technical Analysis: XRP Price Eyes a Return to $0.75 (ZAR 14.11)

Currently trading below $0.6500 (ZAR 12.23), XRP’s upward trend remains robust, with a potential rebound to $0.7500 (ZAR 14.11) in sight, a level last seen on November 13.

The altcoin, supported by the 10-day Exponential Moving Average (EMA) at $0.6209 (ZAR 11.68), is nearly 17% shy of its target. In its rally towards $0.7500 (ZAR 14.11), XRP may encounter resistance at the 50% retracement level ($0.6820 [ZAR 12.82]) of its recent fluctuations.

For South African investors and crypto enthusiasts, this development in XRP presents an exciting opportunity. The growing transaction activity and potential price recovery of XRP could attract more participants in South Africa’s burgeoning cryptocurrency market. The legal proceedings in the US and their outcomes could provide valuable insights for local investors and regulators, contributing to a more informed and dynamic crypto landscape in South Africa.

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Nonhlanhla

Nonhlanhla P Dube is a senior news reporter. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her on: Email: nonhlanhla@rateweb.co.za

Tags: XRP