Bullish Signs for Crypto XRP, But Resistance Still Holds Strong

XRP has seen a surge in daily transactions, exceeding 295,000 per day, marking a sharp increase from the previous average of 35,000–40,000. This growing network activity indicates heightened demand, potentially driving further price growth. Meanwhile, whale participation has reached unprecedented levels, with over 2,700 wallets holding at least 1 million XRP, signaling strong market confidence.

Despite these bullish indicators, XRP remains at a crucial resistance point. The price currently hovers around $2.31, reflecting a 6.43% increase, while trading volume has surged by 182.43%, boosting its market dominance to nearly 4%. Analysts note that XRP is consolidating, and a breakout has yet to be confirmed. The 200-day EMA supports the $2 level, while the 50-day EMA shows bullish divergence above $2.25.

XRPs signs are bullish, but it needs to break its resistance

Looking ahead, XRP needs to break past the $2.35 resistance to continue upward momentum. If successful, the next key levels are $2.57 and $3, with a potential push toward an all-time high of $3.40. Conversely, bearish trends could send prices down to $2.14 or lower. Market uncertainty remains, and traders are advised to wait for a decisive breakout before making strategic moves.

SEC vs Ripple

The prolonged legal battle between Ripple and the SEC remains unresolved, as both parties requested the Second Circuit Court of Appeals to keep the case on hold. A formal settlement was signed on May 8, but it still awaits district court approval. Ripple previously won a partial ruling on XRP’s retail classification, though violations in institutional sales kept the dispute alive. 

Under the deal, Ripple agreed to pay $50 million, with $75 million in penalties returned. However, the court rejected an initial approval request, prolonging uncertainty. The SEC now seeks a case extension until August 15, leaving crypto markets watching closely.

This could be one of the reasons the crypto coin is currently facing resistance.