(Ekta Mourya – FXStreet)
– XRP/BTC price ratio hit one-year high of 0.000025 fuelled by investor’s optimism of favorable outcome in the SEC v. Ripple lawsuit.
– Active whale addresses holding between one and ten million XRP have been in an accumulation phase since the end of 2020.
– Analysts are bullish on the massive XRP price rally as the altcoin yields 30% gains overnight.
Ripple CEO Brad Garlinghouse’s appearance on Fox Business coincided with the XRP price rally. XRP price yielded nearly 30% gains overnight, rising from the $0.39s to a high above $0.50 in a matter of hours.
Optimism on Ripple’s likely win in lawsuit increases
The price ratio of XRP/ BTC has hit a one-year high of 0.000025 according to data from Santiment, a crypto intelligence tracker. Analysts at Santiment believe there are two key reasons behind the altcoin’s massive rally. First is the continued optimism of a potential settlement of Ripple with the SEC.
XRP holders consider it a favorable outcome for the altcoin as Ripple CEO Brad Garlinghouse has previously stated that the software giant will leave the country on losing the lawsuit. Since Ripple is XRP’s largest public holder, it is likely that the lawsuit’s outcome will have a significant impact on XRP price.
Santiment analysts pointed out that large wallet investors, sharks and whale addresses holding between 1 million and 10 million XRP have been accumulating the altcoin since late 2020.
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Accumulation by whales is typically considered bullish. This is the second key driver of XRP price rally. The optimism surrounding a favorable outcome for payment giant Ripple in the lawsuit and activity by sharks are driving XRP price higher.
Analysts predict massive price rally in XRP
TraderSZ, a crypto analyst and trader evaluated the XRP price trend and predicted a rally to a $0.90 target. After breaking past the $0.50 level the altcoin is ready to eye $1, considered a key psychological barrier for the altcoin.
Analysts at FXStreet evaluated XRP price trend to determine whether it is sustainable. To find out key price levels, check the video below:
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