Ripple
(XRP)
traders
are
awaiting
the
final
ruling
in
the
US
Securities
and
Exchange
Commission
(SEC)
lawsuit
against
the
payment
remittance
firm.
A
pro-crypto
attorney,
Fred
Rispoli,
informed
market
participants
that
a
ruling
is
likely
by
July
31
2024,
through
a
tweet
on
X.
XRP
traders
are
awaiting
the
ruling,
a
key
market
mover
for
the
altcoin,
in
July
2024.
Additionally,
a
crypto
analyst
behind
the
X
handle
@egragcrypto
has
analyzed
XRP
price
trend
and
set
a
$17
target
for
2025.
While
XRP
trades
at
$0.44
on
Wednesday,
July
10,
the
analyst
presents
a
Bent
Fork
chart
as
a
thesis
backing
his
prediction
for
the
altcoin.
XRP
Active
addresses
and
price
XRP
Network
realized
profit/loss
Analyst
behind
the
X
handle
@egragcrypto
has
predicted
a
$17
target
for
XRP
by
2025
based
on
his
Bent
Fork
chart.
This
is
a
long-term
target
for
the
altcoin
that
currently
trades
at
$0.44
on
Binance.
The
analyst
introduced
the
chart
with
key
resistances
at
$1,
a
psychological
hurdle,
and
$3.5,
the
asset’s
all-time
high.
The
analyst
introduced
the
target
for
the
first
time
in
2023
with
four
tracks,
A)
Major
Historical
Support
B)
Ranging
Zone
C)
Mid-Cycle
Top
D)
Cycle
Top
The
analyst
considers
the
track
D
is
the
one
that
the
altcoin
is
most
likely
to
reach,
with
a
slight
variation.
The
target
has
been
increased
from
$15
in
2023
to
$17
in
the
latest
update.
XRP/USD
chart
On
the
XRP/USDT
daily
chart,
it
is
clear
that
XRP
is
recovering
from
its
recent
downward
correction.
If
Ripple
extends
its
gains,
the
altcoin
could
add
8.45%
to
its
value
and
hit
resistance
at
$0.4760,
the
July
2
low
and
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
chart
below.
The
Relative
Strength
Index
(RSI)
reads
39.58,
showing
Ripple’s
price
trend
has
underlying
positive
momentum.
XRP/USDT
daily
chart
Ripple
could
find
support
at
$0.4032,
the
July
8
low.
In
the
event
of
further
correction,
XRP
could
sweep
liquidity
at
the
July
5
low
of
$0.3823.
Bitcoin
is
the
largest
cryptocurrency
by
market
capitalization,
a
virtual
currency
designed
to
serve
as
money.
This
form
of
payment
cannot
be
controlled
by
any
one
person,
group,
or
entity,
which
eliminates
the
need
for
third-party
participation
during
financial
transactions.
Altcoins
are
any
cryptocurrency
apart
from
Bitcoin,
but
some
also
regard
Ethereum
as
a
non-altcoin
because
it
is
from
these
two
cryptocurrencies
that
forking
happens.
If
this
is
true,
then
Litecoin
is
the
first
altcoin,
forked
from
the
Bitcoin
protocol
and,
therefore,
an
“improved”
version
of
it.
Stablecoins
are
cryptocurrencies
designed
to
have
a
stable
price,
with
their
value
backed
by
a
reserve
of
the
asset
it
represents.
To
achieve
this,
the
value
of
any
one
stablecoin
is
pegged
to
a
commodity
or
financial
instrument,
such
as
the
US
Dollar
(USD),
with
its
supply
regulated
by
an
algorithm
or
demand.
The
main
goal
of
stablecoins
is
to
provide
an
on/off-ramp
for
investors
willing
to
trade
and
invest
in
cryptocurrencies.
Stablecoins
also
allow
investors
to
store
value
since
cryptocurrencies,
in
general,
are
subject
to
volatility.
Bitcoin
dominance
is
the
ratio
of
Bitcoin’s
market
capitalization
to
the
total
market
capitalization
of
all
cryptocurrencies
combined.
It
provides
a
clear
picture
of
Bitcoin’s
interest
among
investors.
A
high
BTC
dominance
typically
happens
before
and
during
a
bull
run,
in
which
investors
resort
to
investing
in
relatively
stable
and
high
market
capitalization
cryptocurrency
like
Bitcoin.
A
drop
in
BTC
dominance
usually
means
that
investors
are
moving
their
capital
and/or
profits
to
altcoins
in
a
quest
for
higher
returns,
which
usually
triggers
an
explosion
of
altcoin
rallies.
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