If you’ve been following XRP and Ripple-SEC’s legal battle closely, then you’ll be thrilled with the latest developments. More importantly, XRP investors may regain confidence after the latest court ruling.

According to recent reports, the judge presiding over the case has allowed multiple third parties to join the lawsuit. SEC had reportedly objected to this outcome because the approved parties are inclined to Ripple.

The XRP community of supporters saw this development as beneficial to Ripple’s defense against the SEC. Investors should note that this does not necessarily guarantee that the final verdict is in Ripple’s favor.

Nevertheless, it underscores the strong defense narrative that Ripple has maintained to date.

Past statements in favor of Ripple have fueled favorable investor sentiment, but will history repeat itself this time around?

XRP’s price position at press time highlighted increased chances of a pivot in favor of the bulls. Notably, the alt has been bullish since mid-September and recently peaked at $0.55 before going through a bearish retracement.

Source: TradingView

It should be noted that XRP has bounced back about 11% from its current weekly high in the past two days. It was trading at $0.488 at the time of writing, which was just below the 0.236 Fibonacci retracement line.

It had already shown a slight rise in the past 24 hours with significant chances of further gains. This outlook may be enforced by the current price level near the Fibonacci line.

Here’s AMBCrypto’s Price Prediction for Ripple (XRP)

Boosted investor confidence could also bolster XRP bulls in the coming days thanks to the favorable court ruling.

The metric side of things has already shown some changes. For example, XRP’s weighted sentiment shot up over the past three days. And at press time, it was at its highest level in the last four weeks.

Source: Santiment

A change of sentiment is only as good as the strength of the accompanying volumes it can enforce. We’ve seen a drop in the number of active addresses over the past three days, but over the past 24 hours, we’ve seen a slight increase in the same stat.

Active addresses have increased by about 5000 addresses in the last 24 hours. This was enough to nullify most of the existing selling pressure, but not enough for a major bullish rebound.

Well, whales often have the biggest impact on price action. The number of whale transactions for transactions worth more than $1 million was not uncommon in the past 24 hours.

Source: Santiment

Conclusion

The sentiment shift thanks to Ripple’s recent court ruling could potentially spark another wave of accumulation.

This will depend on whether it can guarantee sufficient bullish demand.

On the other hand, XRP could expand its downside if market factors continue to hammer the crypto market.





This post XRP Bulls Demonstrate Power at the Major Level, But Should You Buy Now?

was published first on https://ambcrypto.com/xrp-bulls-demonstrate-strength-at-key-level-but-should-you-buy-now/

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