XRP approaching 13 million burn; Analysts predict a Big Bull Run for XRP.
While XRP has not seen any major price increases recently, it seems that the volume of burned coins is on the verge of a serious recovery. An exciting milestone in the life cycle of XRP may be approaching.
XRP is currently stuck in a downtrend with low highs and difficult resistance levels to break. The $0.52 range, which has served as resistance in recent trading sessions, is one of the important levels to watch.
Carrying force still there
A break above this level may indicate hope for new strength for XRP, however, failure to close above the level repeatedly indicates that bearish power is still present.
Data from XRPScan indicates that XRP is moving below important moving averages, which is not too difficult for an immediate bull market. As it is currently trading below the 50 and 100 EMA, it does not have the momentum required for a major breakout.
Adding to it is the weakening of investor interest, which diminishes the chances of a quick recovery.
Whales are stocking up.
However, one encouraging sign is a slight increase in whaling activity, evidenced by on-chain transactions. This move means that large holders are piling up in anticipation of future gains if the market stabilizes or shows signs of improvement.
While the upcoming 13 million burned XRP is interesting, that won't change the situation much. The bearish trend is still putting pressure on XRP, and the critical resistance at $0.52 could change its course. Overcoming these technical obstacles will be necessary for long-term recovery.
Analysts are bullish on XRP.
Some crypto analysts believe that XRP has more upside potential. Over at XPost, Brett, a crypto analyst hinted that the coin may be on the verge of a new bull run.
In another post, Dark Defender, another analyst argued that XRP can go back. He shared, “Daily indicators are oversold; the daily trend is bearish. The weekly and monthly trends are still red, so watch the support lines. The coin will wait for $0.5286, then $0.60 and $0.66.”
The way of regulatory transparency
The Second Circuit Court of Appeals ordered the SEC to file its brief in the continuing case against Ripple by January 15, 2025. The court ruled that XRP is not a security on the secondary market, which lays a strict legal foundation for future cases and provides transparency to the entire crypto industry. Legal clarity around XRP could lead to greater regulatory certainty for other tokens.
