Recently, the crypto market has been filled with obstacles, forcing several assets to hover near their weekly lows. In addition, the financial crisis at the Silvergate bank has enabled many crypto exchanges to cut ties with the bank, creating bearish pressure in the altcoin market, and XRP is no exception. However, the token’s price is still on the verge of a bullish rally as Ripple CEO heads toward the conclusion of the lawsuit against the SEC with high confidence.
Ripple Sheds Bullish Hope On XRP Price
During a recent interview with Bloomberg, Ripple’s CEO Brad Garlinghouse shared some noteworthy insights. Garlinghouse believed the current dispute with the SEC would likely be resolved sometime this year. He also emphasized the significance of the upcoming decision, stating that it would have a “pivotal” impact on the broader cryptocurrency industry.
Moreover, Ripple is focused on its developments as Antony Welfare, Ripple’s senior advisor for CBDC and global partnerships, recently provided new information regarding the company’s “state cryptocurrency” initiatives. Welfare revealed that Ripple is currently in an advanced stage of development for its projects with Bhutan and Palau.
As XRP price recently made a dip, it attracted whales to accumulate a large amount of tokens. According to data from WhaleAlert, whales have moved more than 681 million XRP tokens in multiple transactions worth roughly $252 million.
The largest transaction was a transfer of approximately 270 million XRP, worth around $99 million, from an unidentified wallet address to another. This whale movement hints at the ongoing interest among investors as XRP price will soon skyrocket after Ripple’s winning in the lawsuit.
What Lies Ahead For XRP Price?
XRP price has climbed nearly 12% in the last 30 days, making a high of $0.42. However, the token has witnessed a price dip of over 4% in the last few days due to several macro conditions that shook the crypto market.
XRP bulls have defended the crucial support level of $0.35 multiple times as XRP still creates hope of a bull run by March’s end. After taking support at $0.3539, XRP price has again surged above its 23.6% Fib level and aims to break its monthly resistance level in a few days.
As of writing, XRP price trades at $0.365, with a decline of nearly 1.7% from yesterday’s price. Analyzing the daily price chart, XRP price is now preparing for a rebound above its 38.2% Fib level. A prominent crypto analyst, WorldofChartsFX, predicts a massive breakout for XRP in a few weeks. The analyst expects a high above $2 if the XRP price breaks the resistance of the triangle pattern at $0.55.