Why is the XRP price up today?

NOIDA (CoinChapter.com)— XRP’s price continued its bull run on July 17, likely due to renewed speculation about a potential SEC v. Ripple settlement.

The began with JackTheRippler’s tweet on July 13, alerting the community to a closed SEC meeting on July 18 and sparking rumors of a settlement. The widely shared tweet fueled market excitement, fueling the XRPUSD pair’s continued uptrend

Two crypto traders, Yassin Mobarak and Marc Fagel, added to the speculation on July 16. Mobarak hinted at a possible Ripple settlement, while Fagel noted the frequent occurrence of such meetings, subtly mocking the ongoing rumors.

Despite the critical tone, the market seems to have responded optimistically, driving XRP prices up.

The SEC’s closed-door meetings have become a focal point for speculation. This time, the anticipation was enough to influence trading behavior, leading to the notable price increase in XRP.

Whale Accumulations And Fund Inflows Why XRP Price Is Up

XRP’s recent price surge can be attributed to several bullish on-chain indicators. The Network Realized Profit/Loss (NRPL) metric significantly increases profitable transactions, indicating positive market sentiment.

Profit-taking usually signals bearish sentiment, but rising NRPL might indicate positive sentiment if overall trends and metrics like whale accumulation remain bullish. The rise in realized profits suggests investors are taking advantage of the current market conditions, reflecting growing confidence.

The Total Supply in Profit metric also displays a substantial increase. A larger portion of XRP holders are now in profit, boosting market sentiment and investor confidence. The shift often leads to increased buying activity as more participants feel optimistic about future price movements.

Additionally, there has been notable accumulation among larger investors (whales), particularly those holding between 10 million and 100 million XRP. The accumulation signals confidence in the asset’s future performance, as large holders typically base their actions on comprehensive analysis and insights.

Their activity often precedes significant price movements, indicating potential for further gains. The combination of increased realized profits, a higher total supply in profit, and whale accumulation underpins the XRPUSD pair’s recent surge.

Wedge Breakout Could Attract Buyers To XRP

Furthermore, the XRPUSD pair has broken out above a bullish technical setup called the ‘falling wedge.’

A falling wedge pattern features a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.

The pattern indicates that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs upward, in line with the overall trend.

To estimate the price target, traders measure the widest part of the wedge at the beginning and project this distance upward from the breakout point. A higher trading volume during the breakout confirms the reversal’s reliability, indicating stronger market conviction and a higher likelihood of success.

According to the rules of technical analysis, XRP price might rally nearly 65% from its current level to reach the pattern’s projected target near $1.

However, the Ripple token has yet to confirm the breakout.

The post Why is the XRP price up today? appeared first on CoinChapter.