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XRP shows modest gains despite Ripple’s SEC breakthrough, with cautious price action characterized by steady address growth.
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The cryptocurrency remains under $2.50 while the total number of XRP Ledger addresses rises to 6.7 million, indicating long-term interest.
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“The market’s response has been muted, reflecting tempered optimism amid Ripple’s legal victories,” said an analyst from COINOTAG.
Discover the latest insights on XRP as it navigates market volatility following Ripple’s SEC victory, with focus on address growth and price stability.
XRP Moves Slow Despite Legal Progress
Following Ripple’s recent victory in its ongoing legal battle with the SEC, XRP briefly surged to $2.43 but has since stabilized at around $2.38. This price action suggests a lack of definitive bullish momentum despite the legal progress.
On the 12-hour chart, XRP remains marginally above the 50-day Moving Average at $2.33, although it is still trading below the 200-day Moving Average of $2.52. This contrast indicates that a strong bullish breakout has yet to materialize.
Source: TradingView
Trend channel indicators reveal that XRP is attempting to bounce within a narrow ascending range. However, if traders fail to reclaim the $2.50 level imminently, there is a risk of slipping back into the descending channel it struggled with throughout March.
Active Addresses on the Rise, but Growth is Gradual
According to data from CryptoQuant, the total number of addresses on the XRP Ledger has steadily climbed to 6.7 million. This growth reflects sustained long-term interest, yet it does not signify an overwhelming influx of new participants following the SEC news.
Source: CryptoQuant
This gradual on-chain growth reinforces the notion that while regulatory clarity provides a favorable long-term backdrop, the market is still digesting its implications.
What This Means for XRP Moving Forward
For XRP to regain significant upward momentum, it needs to convincingly break above the $2.50 threshold and establish support. Without this breakout, the sideways movement may persist, particularly as broader market sentiment remains hesitant.
On-chain metrics indicate that XRP holders are adopting a cautious wait-and-see approach. While the increasing address count lays a solid foundation, short-term gains could remain limited unless there is a surge in active users or trading volume.
Ultimately, Ripple’s legal clarity establishes a positive narrative, but converting this optimism into concrete price action and heightened network activity will depend on sustained investor confidence.
The future direction hinges on whether investors perceive XRP as a long-term risk or a short-term speculative asset.
Conclusion
In summary, while XRP’s recent legal triumph is a noteworthy catalyst, the asset’s muted price response underscores a market still navigating caution. The growth in active addresses signals ongoing interest, yet significant gains are contingent on a broader market rally and sustained trading volume. As XRP develops further, monitoring these dynamics will be crucial for potential investors and market observers alike.
