Cryptocurrency markets continue their spectacular bullish rally today, with Ethereum taking the lead as traders look to capitalize on its upcoming network merge. Bitcoin is up over 13% as the global markets open in the green today, leaving major altcoins like XRP, Cardano, and Solana to reap considerable price gains today. Moreover, even meme coins like DogeCoin and Shiba Inu registered double-digit percent price growth this week as traders flocked to crypto assets.
XRP price managed to gain 16% this week, despite former Ripple CTO Jed McCaleb selling his remaining XRP balances after nearly eight years.
According to on-chain data, McCaleb sold his remaining 1.1 million XRP worth over $390k on Sunday, emptying his wallet of the remaining tokens. According to a report from CoinTelegraph, the former Ripple Labs founder sold over 18% of XRP’s token supply over the years, and the last transaction on Sunday marks the end of Jed’s selling pressure on the market.
In other news, Ripple labs managed a small victory in their lengthy legal battle with the SEC when the judge presiding over the case slammed the regulator for failing to act according to “faithful allegiance to the law” when the agency filed a motion to withhold essential documents from the case.
In a recent interview, Brad Garlinghouse, Ripple’s CEO, stated that the company will have spent over $100 million in legal fees fighting the regulator, speaking to the tremendous financial cost of its efforts to defend itself and the global cryptocurrency industry from regulators.
XRP Price Prediction
While XRP price saw upwards of 16% in price growth this week, the crypto asset is having a rough time breaking past the $0.36 resistance level.
After attempting to breach $0.36 twice, the XRP market is losing steam in its attempt to breach the critical resistance level again.
The most likely scenario for XRP is a retrace to the $0.35 range and building momentum before attempting to break through the resistance level at $0.36.
Assuming crypto markets will continue pumping, there’s no reason for XRP not to break through the $0.36 level, especially with McCaleb’s selling pressure finally over after eight years. In addition, the positive news regarding Ripple’s battle with the SEC should serve investors with some certainty regarding the future and long-term potential of XRP.
Ripple is fighting for itself and the crypto industry as a whole. While XRP might not be as popular with the broader crypto market due to its close relationship with regulators, the fact the company is spending millions on legal costs to secure its future is admirable. It should serve as a significant long-term confidence booster for traders and investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any tokens.
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