XRP News Today: XRP jumps 9% after Ripple settles SEC case, eyes $4 target

XRP has surged nearly 9% in a single day following Ripple’s legal settlement with the U.S. Securities and Exchange Commission (SEC), bringing renewed optimism to the broader cryptocurrency market. The token is currently trading around $3.31, just below its 2024 high of $3.65 reached in early August. Over the past week, XRP has gained more than 13%, trading between $2.77 and $3.36, with daily trading volume surpassing $9.9 billion [1].

The settlement, which resolved a multi-year legal battle initiated in 2020, has shifted market sentiment. Analysts and investors are now focusing on Ripple’s future as a more stable, legally secure entity. The absence of further appeals has prompted a recalibration of risk and reward dynamics for XRP, with many traders now viewing the asset through a more bullish lens [1].

The immediate market response included a large institutional-style trade. A transfer of over 16.6 million XRP—valued at more than $55 million—was observed moving to Coinbase from an unknown wallet, one of the largest such transfers in recent months. This event coincided with a sharp price break above key resistance levels between $3.10 and $3.15, with high volume confirming the breakout [1].

Technical indicators reinforce a bullish setup. XRP has broken out of a descending wedge pattern and is consolidating near $3.31, close to the 0.618 Fibonacci level. Analysts have noted that as long as the price holds above $3.20, it could potentially retest the $3.65 level and even approach $4 [1].

However, whale activity suggests a mixed sentiment. On-chain data from CryptoQuant reveals that the XRPL Whale Flow indicator turned negative in early August, indicating that large wallet holders are moving more tokens out than in. This follows a spike in large transactions—over 51,000 in late July—suggesting potential distribution by major holders [1]. A similar pattern was seen earlier this year before a price drop from $3.40 to $1.60. Yet, total XRP balances on centralized exchanges have fallen from 3.02 billion to 2.3 billion between July 24 and August 7, which may indicate a shift in investor behavior from trading to holding [1].

Network activity has also shown signs of catching up with price. The NVT ratio for XRP dropped to 177.5 on August 7, down over 21% from a recent peak of 225. This suggests that the market valuation is becoming more aligned with on-chain usage, easing concerns of overvaluation [1].

Price predictions for XRP remain speculative and heavily dependent on technical patterns, on-chain signals, and broader market conditions. Analysts have highlighted the importance of liquidity, macroeconomic factors, and institutional adoption in shaping future price movement. The removal of regulatory uncertainty has positioned XRP for potential long-term growth, but short-term volatility remains a factor influenced by daily trading patterns and news events [1].

Market analyst Ali Martinez observed that XRP’s recent breakout from the 0.786 to 1.414 Fibonacci extension has been precise, with the $3.34 target already met. This could provide a framework for future price targets, assuming volume remains consistent [1].

Overall, while XRP is showing strong momentum and institutional interest, traders remain cautious due to mixed whale activity and ongoing macroeconomic pressures. The path to $4 remains plausible but will depend on continued support from technical levels, on-chain behavior, and broader market dynamics [1].

Source: [1] Ripple (XRP) Price Predictions: $4 in Sight After Ripple’s SEC Victory? (https://coinmarketcap.com/community/articles/6895fbc39a14c16682dc53fa/)