- XRP retraces to Fibonacci support, holding the bullish wave structure.
- XRP Ledger addresses surge past 7.3M, signaling growing adoption.
- SEC appeal decision may shift XRP’s regulatory and price outlook.
XRP’s bullish setup remains in place despite recent downside moves. TradingView’s 1D chart shows that XRP has retraced to the 50% Fibonacci level at $2.74. This level coincides with expected wave (4) support, reinforcing the yellow bullish structure.
Analysts noted that shallow corrections above the recent weekend low validate the projected wave (5) continuation. The structure suggests a potential move toward the $5 zone and beyond.
However, analysts also acknowledged an alternative scenario marked in white. This structure implies a deeper correction toward the 61.8% or 78.6% retracement zones, which lie near $2.46 and $2.12, respectively.
Despite this possibility, the bullish wave count remains dominant as long as price action holds above current local lows.
XRP Ledger Growth Hits Record High of 7.3 Million Addresses
CryptoQuant reported that the total number of XRP Ledger addresses has reached a record 7.3 million. This marks a steady increase in user adoption and network expansion.
Analysts pointed out that the growth trend accelerated after September 2024, which coincided with XRP’s price breakout above key resistance zones.
At press time, XRP is trading around $2.9, close to reclaiming the $3 mark. The upward trajectory in address creation indicates higher user engagement and expanding ecosystem usage.
According to market observers, the steady rise in wallet activity could help sustain long-term price strength. The data suggests that network fundamentals continue to support the broader uptrend.
Ripple vs. SEC: Appeal Status Update Due by August 15
The U.S. Securities and Exchange Commission has not yet withdrawn its appeal in the Ripple case. While there is no formal cutoff date, the SEC is expected to submit an update to the appellate court by August 15, 2025.
This date functions as a soft deadline for the agency to either proceed with its appeal, request an extension, or withdraw.
The lack of formal communication from the SEC has triggered uncertainty among XRP holders. The upcoming legal update may influence market sentiment and XRP’s regulatory standing.
Until then, traders remain cautious ahead of any formal decision that could affect Ripple’s operations in the U.S.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
