XRP Price outperforms BTC, ETH as Traders Invest $753M on SEC Victory Anniversary

XRP Price Analysis:

Ripple (XRP) price reached $0.61, marking a blistering 60% rebound over the past 12 days. This surge can be attributed to a mix of internal developments and broader market dynamics, signalling even more upside ahead.

Ripple’s XRP Soars to $0.61 on 1-Year Anniversary of SEC Ruling

Like the rest of the top 20-ranked crypto assets by market capitalization, Ripple (XRP) price has been on a blistering uptrend over the last two weeks. Following the market crash that saw it drop to a 2024 bottom of $0.38 on July 5, strategic bullish traders have increasingly swooped into XRP markets to make rapid discounted purchases.

One of the key internal drivers of this bullish momentum has been the 1-year commemoration of Ripple’s landmark legal victory over the US Securities and Exchange Commission (SEC).

On July 13, 2023 XRP receive plaudits, and intense market demand after US District Judge Analisa Torres declared XRP Not a Security, in a landmark ruling. As a result was ruled that Ripple’s sale of XRP on public exchanges did not constitute a violation of securities laws.

This positive legal outcome led to major exchanges like Coinbase and Kraken re-listing XRP, further boosting investor confidence​.

The 1-year anniversary of that milestone event, appears to have added to the XRP investors optimism this week, lead to XRP price outperforming majority of the top-20 ranked assets by market capitalization.

In the last 12 trading days XRP price has increased by a whopping 61% jumping from yearly-lows of $0.38 on July 5, to hit $61 territory at the time of writing on July 17. Meanwhile, in the comparison, the aggregate market capitalization of all listed crypto assets has only increased by 25% over that period.

Based on this observation XRP price has considerably outperformed  the broader market average by over 35% in the last 12 days of recovery. This rare market dynamic signals the presence of internal bullish catalyst with the XRP markets.

Aggressive Bulls Send XRP Open Interest above $753M

Market analysts remain optimistic about XRP’s potential to maintain and build on its recent gains. The SEC victory anniversary has not only boosted investor enthusiasm in the spot markets alone, but the XRP derivatives markets have also witness a considerable capital inflows this week.

Coinglass’ Open Interest chart below tracks the total value of all active LONG and SHORT contracts listed for a specific cryptocurrency asset across recognized exchanges and trading platforms. Increase open interest during often signals increased market liquidity and investors participation.

Looking at the chart above, XRP Open Interest has climbed above $753 million at the time of writing on July 17, 2024. But zooming out, we observe a $306 million increase from the monthly timeframe low of $447 million recorded on July 6.

Consequently, this 68% jump in XRP open interest over the past week suggests that it well-positioned for further price appreciation in the near term.

Firstly, since July 6, XRP 68% increase in open interest has outpaced the price increase of 61% during that same period, signalling a build-up of long positions.

This rare market alignment suggests  bull traders are mounting more positions in strong conviction that the current price uptrend will persist in the days ahead.

XRP Price Forecast: $0.70 Retest Now Viable

The XRP/USD daily chart indicates a bullish trend with a strong upward momentum observed over the past 12 days. The price has successfully climbed from the low $0.40s to above $0.60, suggesting a sustained rally. Key technical indicators such as the Fibonacci retracement levels and the Average Daily Range (ADR) also support a bullish outlook.

Currently, XRP is trading around $0.61, approaching significant resistance at $0.70. The Fibonacci retracement levels show key support levels around $0.48 (23.6%) and $0.43 (38.2%), which XRP previously tested and held. These levels are critical for maintaining the bullish momentum. A break above the $0.70 resistance level could signal further upside potential, targeting $0.80 or even higher levels if the momentum persists.

The ADR value of 0.0353 indicates a relatively high volatility, suggesting that the price movements could be significant in the coming days. Investors should monitor the $0.55 level, which serves as a near-term support. If XRP can maintain its position above this level, it could continue its upward trajectory towards the $0.70 resistance and beyond.