- New York judge’s favorable ruling fuels surge with bulls aiming to breach resistance.
- XRP wallet growth sparks excitement but raises centralization concerns.
- Technical analysis hints at bullish momentum for the XRP/USD pair.
Following a noteworthy legal development, XRP’s price is experiencing a significant surge, a promising sign for the cryptocurrency. This rise is not random as it’s backed by the New York District Judge Analisa Torres, who recently ruled favorably against the U.S. SEC’s appeal. Consequently, this latest move is seen by many as further solidifying XRP’s stance in the ever-turbulent world of cryptocurrency.
Significantly, XRP has showcased a commendable resilience, consistently hovering around its bear market lows. Hence, this newfound potential to break out is seen by many as a game-changer that could redefine the cryptocurrency landscape.
The Surge in XRP Wallets: What Does It Mean?
Additionally, there’s a ripple of excitement over the XRP Ledger’s recent achievement. As of the start of this month, over 4.8 million wallets are now active in the ecosystem, a jump from 4.1 million in April 2022. This growth rate has been consistent, with an average of 2,773 new XRP addresses created daily.
However, it’s essential to consider the bigger picture. A majority of these wallets, worth around $7 billion of XRP, are under the control of just a few entities, namely Ripple Labs, Binance, and Uphold.
While some critics argue this concentration raises concerns about centralization, Ripple CTO David Schwartz has consistently refuted these claims. He emphasizes the pivotal role of validators within the XRPL network.
Nevertheless, there’s skepticism surrounding the actual count of unique XRP users. Some claim to own multiple XRP wallets. Hence, if we account for multiple ownerships, which isn’t a rarity, the genuine number of unique users could be lower than projected.
XRP/USD Technical Analysis
On the XRPUSD 4-hour price chart, the Bull Bear Power (BBP) rating of 0.0178 indicates that the bullish momentum is now greater than the bearish momentum. This position suggests that buyers are in command of the market and may shortly drive XRPUSD higher. If the BBP rating continues at or rises above this level, it may be a signal for traders to consider opening long positions.
Furthermore, with an RSI reading of 61, XRPUSD is in a somewhat overbought zone at the moment. However, the relative strength index (RSI) is still under 70, suggesting that more gains are possible. Therefore, if the RSI is rising, traders may decide to maintain their current holdings or even consider making more purchases.
In conclusion, XRP’s legal victory and wallet growth are propelling it forward, but questions about concentration and user numbers linger. However, bullish momentum prevails, indicating a potential for further gains.
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