XRP price has continued to consolidate around $1.10 after falling from its three-month high of $1.41 during the recent market flash crash. However, the altcoin has maintained strong on-chain support and an increased network activity could help it break past new highs. Veteran trader Peter Brandt also sees constructive long-term potential in the altcoin, confirming it is slated for a price boom.
This is potentially a constructive long-term chart pic.twitter.com/byqGQOCfvc
— Peter Brandt (@PeterLBrandt) September 15, 2021
Brandt pointed towards the formation of a bullish head and shoulder pattern on the long-term chart indicating it could be readying for the next move up. The next key resistance for the altcoin lies at $1.17, breaking which it could retest its previous three-month high followed by the yearly highs.
XRP Network Activity on the Rise
The network activity for the altcoin has risen to new highs, the number of active addresses interacting with the network reached 6,700 this week, seeing a 394% jump from the last week. A rise in the number of wallet addresses is often followed by a rise in price as new users throng in hopes of making profits on the incoming price boom.
The altcoin can also benefit from the ongoing legal battle with the SEC where the defendants Ripple has offered a strong case against SEC’s security argument. The SEC lawsuit played a key part in halting XRP price action when the rest of the crypto market boomed. However, the same could turn the tide in its favor and as expected by many XRP proponents a positive outcome could turn the price tide in its favor.
The latest development in the case seems to be hung around the Howey Test and why Ethereum got a free pass while XRP is being hounded. SEC recently admitted officially that it failed to inform third parties and Ripple about XRP’s security status. This could in turn put Hinman’s recent testimony under the scanner and a court order based on it could help the token surge to new highs.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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