XRP Sentiment is Back On Track After 14 Months

For the first time in the last 14 months, Ripple-associated XRP is experiencing its strongest bullish sentiment. 

XRP Decouple From Bitcoin Downtrend 

On-chain data shows that XRP’s Bollinger Bands are at the tightest level that traders have ever seen. This outlook suggests that the coin’s price is gearing towards an explosive level. Even prominent cryptocurrency analyst Scott Melker recently predicted that XRP could be on the verge of another breakout. 

For the better part of July, XRP successfully dissociated from Bitcoin in price growth. Core ecosystem traders are quite optimistic that XRP could hit unprecedented levels after the values recorded in July. At the time of this writing, the coin traded at $0.5728 after losing 5.98% of its previous value within 24 hours.

On the other hand, Bitcoin is gaining traction fueled by the attention that the coin is getting recently from Spot Bitcoin ETFs and other key macroeconomic moves to embrace it. Although the price does not reflect this sentiment. Bitcoin price is down by 0.33% and currently trading at $64,411.40. 

Speculations of Ripple And SEC Settlement 

XRP’s bull sentiment comes amidst speculations of a possible settlement between Ripple and the United States Securities and Exchange Commission (SEC). While it is not certain if the settlement will pull through, the XRP market is responding to the excitement coming from the community. 

Agreeing to a settlement with the Commission may cause the blockchain payment platform to part ways with a huge sum of money from the sales of XRP to institutional investors. However, analysts are confident that a settlement between Ripple and the regulator will mean well for XRP. Its key metrics are likely to improve as well.

Last week, the rumors of the settlement contributed to a jump in XRP trading volume. On July 25, CoinMarketCap data showed that XRP trading volume soared by over 19% to $2,077,832,567.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.