Cryptocurrency Analyst RLinda revealed that XRP is showing impressive strength despite the price declines of Bitcoin and Ethereum. She explained why XRP suddenly has such a bullish outlook, considering that the crypto token has did not meet expectations since the beginning of the year.

XRP is the “strongest” on the market

RLinda mentioned in fasting on TradingView that XRP is the strongest on the market. She noted that the crypto token is holding up quite well as traders and investors are becoming bullish on XRP again due to an “improving fundamental backdrop.” She referred to the long-running legal battle between the U.S. Securities and Exchange Commission (SEC) and as Ripple CEO Brad Garlinghouse It was recently found that he expects the process to be completed “very quickly.”

RLinda also mentioned gossip that the SEC closed meeting on July 25 was related to a potential agreement with Ripple. As such, these bullish fundamentals led to increased trading volumes, prices reaching local highs, and increased whale activity. Bitcoinist recently reported that XRP whales accumulated over 140 million XRP tokens last week.

Network activity on XRP Ledger (XRPL) has increased significantly, with a significant enhance in the number of recent addresses on the network and the total number of addresses interacting with the network, both at their highest levels since March. This again underscores the bullishness that investors are starting to have towards XRP in anticipation of higher prices.

Investors expect that the end of the legal battle between the SEC and Ripple could trigger a massive enhance in the value of XRP, especially considering that the case is he believed be a drag on XRP’s bull run in 2021. XRP should have also been on a long-term hiatus given how it has been consolidating for over six years. As such, the conclusion of the lawsuit could provide a much-needed catalyst to trigger such a price move.

Interestingly, cryptocurrency analysts such as JackTheRippler previously predicted that the price of XRP could rise to as much as $100 once the case between the SEC and Ripple is concluded.

Key Price Levels to Watch

RLinda It was mentioned that the price range between 0.6378 and 0.5712 USD is worth considering technical perspectiveShe claimed that XRP price could test liquidity below support ahead later growth if it fails to break through the resistance level at $0.6378. It also highlighted another significant resistance level at $0.7440.

Meanwhile, according to RLinda, 0.5712 and 0.5100 are key support levels that XRP needs to stay above as a drop below these levels could invalidate its bullish outlook. The analyst again referred to lawsuit and stated that this would give XRP a “second life.” She suggested that this could lead to a successful breakout of the $0.6378 price level, which she added would “open a new path” for the crypto token.

At the time of writing, XRP is trading at around $0.6, up almost 1% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com