XRP’s price is currently forming a macro wedge consolidation, which is commonly followed by a significant price increase. In the past 24 hours, the cryptocurrency has gained about 3.1% and is trading around $0.374303. Market analysts believe that XRP is gearing up for a significant breakout as the SEC case nears its conclusion.
Additionally, the XRP community has been eagerly awaiting a price break above its all-time high since 2018. Despite the negative market sentiment, XRP has gained significant global momentum due to heavy speculation and the adoption of Ripple’s ODL technology by financial institutions.
On the daily chart, the price has been consolidating below the 50-day moving average for some time. Both the 50-day and 100-day moving averages, which are currently located around $0.37 and $0.39 respectively, are flat after a bearish cross.
At present, most crypto analysts that are actively following the XRP market believe a breakthrough is imminent.
Moreover, Ripple has heavily invested in the best legal team to guarantee a win against the SEC. They also have a seven-year-old XRPL technology that has a vibrant ecosystem of NFTs, DeFis, and developers constantly working on top-notch Dapps.
As of Wednesday, the XRP market takes pride in a Fully Diluted Valuation of approximately $37,315,303,265 and a 24-hour trading volume of around $1,577,485,698. However, since Ripple holds almost half of the XRP in a company’s vault, the standing market capitalization is about $18,890,233,485.
XRP’s Market Outlook
Despite ongoing legal challenges with the US Securities and Exchange Commission (SEC), the XRP market has managed to maintain its position among the top ten cryptocurrencies. According to Ripple, an increasing number of institutional investors, including those outside of the financial sector, are beginning to explore the company’s technology for cross-border payments. Brendan Berry, the Payments Product Lead at Ripple, recently stated,
“Over time, a broad base of customers beyond just financial institutions have begun asking for help in solving challenges with cross-border payments. Notably, many corporate partners now want the benefits of Ripple’s crypto-enabled cross-border payments solution. Our goal is to serve any corporate customer—regardless of industry—who can benefit from faster, cheaper, and more efficient cross-border payments.”
However, economists believe XRP’s market in the United States, which accounts for approximately 25 percent of global economic activity, is at stake. Moreover, Ripple’s CEO previously indicated the company will migrate to a crypto-friendlier nation should the SEC win.