The XRP price is currently forming a macro wedge consolidation, which is commonly followed by a significant price rise. In the last 24 hours, the cryptocurrency has gained around 3.1% and is trading around $0.374303. Market analysts believe that XRP is preparing for a significant breakout as the SEC case nears its conclusion.

Furthermore, the XRP community has been eagerly awaiting a price breakout above its all-time high since 2018. Despite negative market sentiment, XRP has gained significant global momentum due to strong speculation and adoption of ODL technology from Ripple 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, currently sitting around $0.37 and $0.39 respectively, are flat after a bearish crossover.

Currently, most crypto analysts who actively follow the XRP market believe that a breakthrough is imminent.

Also, Ripple has heavily invested in the best legal team to ensure 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-tier Dapps.

As of Wednesday, the XRP market prides itself on a fully diluted valuation of approximately $37,315,303,265 and a 24-hour trading volume of around $1,577,485,698. However, with Ripple holding almost half of the XRP in a company vault, the permanent market cap is about $18,890,233,485.

XRP Market Outlook

Despite ongoing legal challenges with the US Securities and Exchange Commission (SEC), the XRP market has managed to maintain its position in 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, Payments Product Lead at Ripple, recently stated:

“Over time, a broad customer base beyond financial institutions has begun to request help solving cross-border payment challenges. In particular, many corporate partners now want the benefits of Ripple’s crypto-enabled cross-border payments solution. Our goal is to serve any corporate client, regardless of industry, who can benefit from faster, cheaper, and more efficient cross-border payments.”

However, economists believe that the XRP market in the United States, which accounts for approximately 25 percent of global economic activity, is at stake. Furthermore, the CEO of Ripple previously indicated that the company will migrate to a more crypto-friendly nation if it wins the SEC.

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