The XRP price has been gradually declining, continuing a bearish trend from the previous week. With dwindling trade volume, XRP is now hovering around 48 cents, down 3.3% in the past 24 hours and below the 200-day weighted moving average (WMA).
Despite this dip, which puts XRP about 3% away from erasing its mid-July gains, crypto influencer Zach Rector believes the token is on the cusp of a bullish resurgence, primarily driven by developments surrounding the SEC vs. Ripple lawsuit.
Let’s Explore what he has to say.
Bullish Outlook for XRP
XRP’s year-to-date bullish momentum took a hit when the digital asset slipped below a critical support/resistance level of 53 cents in recent weeks. However, Rector remains optimistic, citing several potential catalysts for a bullish XRP surge.
SEC Appeal to Fall Through?
One key event is the SEC’s appeal of the summary judgment ruling that XRP sales on exchanges should not be classified as investment contracts and therefore not considered securities. Rector is confident that the SEC’s appeal will fail, as the initial ruling highlighted a lack of sufficient evidence to label XRP sales on exchanges as security assets.
Read More: “You are Making a Mockery of the US Government”: Crypto Community Slams SEC’s Ripple Appeal
Banks to Adopt ODL?!
Another potential catalyst is the adoption of the On-Demand Liquidity (ODL) program, powered by XRP, by a US-based bank or financial institution. This adoption would significantly reinvigorate XRP bulls and potentially drive up its value, especially in the context of cross-border payments.
A Settlement is On the Cards
Finally, a settlement agreement between the SEC and Ripple is viewed as another major factor that could propel XRP into a substantial move. Such an agreement would not only resolve the legal uncertainties surrounding XRP but also provide much-needed clarity for XRP investors. The prospect of a settlement continues to be a key point of interest for those closely monitoring the cryptocurrency’s future.
Also Read: Ripple News: The Most Traded Altcoin: XRP Outpaces Competitors by 4x, Reveals Kaiko Data
Is it time to buy the dip on XRP? Let us know!
