Ripple Labs-backed XRP has continued to consolidate between 52 cents and 60 cents since mid-July. The large-cap altcoin, with a fully diluted valuation of about $58.6 billion and a daily average traded volume of around $1.5 billion, has been acting on the macro-falling logarithmic resistance level in the recent past.
Despite the closure of the SEC vs Ripple lawsuit, where the blockchain payment firm was ordered to pay $125 million in civil penalty, the XRP price has not managed to rally beyond the crucial resistance of around 66 cents.
Additionally, XRP price has failed to capitalize on the recent crypto bullish outlook, triggered by the Fed’s rate cut, which has resulted in the Bitcoin price pump above $63k and Ethereum price rebound above $2,550.
XRP Gains Favor from Institutional and Whale Investors
As Ripple accelerates its XRPL development plans, including the deployment of a smart contract and web3 development infrastructure, more investors are betting on the inevitable bullish breakout of XRP.
According to on-chain data analysis provided by Santiment, XRP whales purchased more than 380 million XRP units worth, worth over $228 million in the past ten days.
Meanwhile, Grayscale Investments announced earlier today that the recently launched Grayscale XRP Trust is now open to eligible and accredited investors. As of this report, the Grayscale XRP Trust had a total of about $689k in total assets under management.
Midterm Expectations
According to a popular Ripple enthusiast alias Egrag Crypto, XRP price has been preparing to explode in the fourth Elliott wave for the past months. The crypto analyst highlighted that XRP price has strongly held in the monthly 1.618 Fibonacci extension, which will act as a basis for the next bullish rally.
With the XRP/BTC already retesting multi-year lows, altcoin is well positioned to rally further against the US dollar in the near term. Furthermore, the US dollar index has been gradually weakening in the recent past, thus accelerating the ongoing macro crypto bull run.
