XRP’s legal win triggers a surge in price and bullish momentum

• XRP’s value is increasing due to a favorable legal ruling by Judge Torres.
• XRP Ledger now boasts over 4.8 million active wallets.
• XRPUSD’s Bull Bear Power rating indicates stronger bullish momentum.

In light of a significant legal progression, the price of XRP is witnessing a substantial increase, indicating a positive outlook for the digital currency. This growth is not arbitrary; it is supported by the recent decision of New York District Judge Analisa Torres, who ruled in favor of the appeal of the U.S. SEC. As a result, this recent development is perceived by many as further strengthening XRP’s position in the constantly fluctuating cryptocurrency market.

Importantly, XRP has demonstrated notable stability, persistently remaining near its bear market lows. Therefore, this recently discovered ability to break out is perceived by numerous individuals as a pivotal development that could transform the cryptocurrency sector.

What Does the Increase in XRP Wallets Signify?

Furthermore, the recent accomplishment of the XRP Ledger has sparked a wave of enthusiasm. As of the beginning of this month, the ecosystem now boasts over 4.8 million active wallets, a significant increase from 4.1 million in April 2022. This growth rate has remained steady, with an average of 2,773 new XRP addresses being established daily.

Nonetheless, it is crucial to take into account the broader context. A significant portion of these wallets, valued at approximately $7 billion of XRP, are dominated by a small number of entities, specifically Ripple Labs, Binance, and Uphold.

Some critics express worries about centralization due to this concentration, but Ripple’s Chief Technical Officer, David Schwartz, has continually dismissed these assertions. He underscores the crucial function of validators in the XRPL network.

However, doubts persist regarding the precise number of distinct XRP users. Several individuals assert that they possess more than one XRP wallet. Therefore, considering the common occurrence of multiple ownerships, the actual count of unique users might be less than estimated.

XRP/USD Technical Analysis

The Bull Bear Power (BBP) rating on the XRPUSD 4-hour price chart is currently at 0.0178, indicating stronger bullish than bearish momentum. This implies that the market is currently dominated by buyers, who could push the XRPUSD price higher shortly. If the BBP rating maintains or exceeds this level, it could signal traders to contemplate initiating long positions.

Additionally, XRPUSD currently sits in a moderately overbought zone with an RSI value of 61. Nonetheless, the relative strength index (RSI) remains below 70, indicating potential for further increases. Consequently, if the RSI continues to ascend, investors might choose to retain their existing positions or contemplate additional acquisitions.

To sum up, XRP’s legal triumph and wallet expansion drive its progress, although concerns about concentration and user count remain. Nevertheless, the prevailing upward trend suggests a possibility for additional increases.