XRP Price Faces Decline as Holders Cash Out, Yet Remains Steady Pre-SEC v. Ripple Ruling

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• XRP shows symmetrical triangle breakout potential, indicating possible uptrend if it overcomes key resistance at $0.6201.
• XRP on-chain activity increases, with significant profit taking and focus on SEC vs. Ripple demand resolution.

XRP has witnessed ups and downs in its value, in addition to facing legal challenges capturing the attention of the crypto sector. Analysts have been watching with interest a technical formation that suggests a possible breakout point for XRP.

Specifically, the structure of a symmetrical triangle extended over several years indicates a potential upward move. If XRP firmly breaks above the resistance threshold at $0.6201, an uptrend could be triggered.

On-Chain Activity at a Glance

XRP’s on-chain activity has seen a significant increase, highlighted by a growth in the number of active addresses and transactions by large holders, known as whales, with moves in excess of $100,000.

This can be interpreted in a number of ways; however, the increase observed following the recent rise in the price of XRP suggests a possible consolidation of gains by these large investors.

Since the beginning of March 2024, there has been evidence of profit-taking by XRP holders, accumulating a total of $370 million. This could be behind the price correction observed recently.

Anticipation of Legal Resolution

Despite a rebound in its price, XRP has experienced a slight pullback, settling at $0.62 but remaining above the crucial $0.60 support.

This price adjustment comes against a backdrop where investors are opting to lock in profits ahead of a key date in the ongoing lawsuit between the SEC and Ripple, set for March 22.

High Expectations for 2024

Bill Morgan, an attorney and XRP advocate, projects that the token will reach new all-time highs in 2024. Morgan bases his optimism on XRP’s historical performance, highlighting periods of growth in the second and fourth quarters of the year.

If you are into the history doesn’t repeat but it rhymes philosophy then the 2nd and 4th quarters for XRP are historically when things happen. https://t.co/fC5062rJB3 pic.twitter.com/7IRwrHOSlR

— bill morgan (@Belisarius2020) March 8, 2024

Although the SEC has opted not to appeal the ruling excluding XRP from being considered a security, uncertainty will persist until the final conclusion of the legal dispute. Nevertheless, Morgan envisions a promising year for XRP, supported by Moon Lambo’s outlook, who highlights the relevance of regulatory clarity and the practical utility of XRP over the ongoing legal disputes.

The recent rise in Bitcoin’s price presents an opportunity for investors to consider XRP, given its current valuation and growth potential.

As of the last report, XRP’ s price has shown a moderate uptrend, trading at $0.6208 with stable trading volume.