XRP’s price is up today. It has gone up almost 4.5% in the last 24 hours to $0.65, which is the highest level in three weeks. So, it has done better than the crypto market as a whole, which has only gained about 1% in the last 24 hours.
![Why is XRP price bullish today? 786dcff5 9cab 4978 9844 c336268015d1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/786dcff5-9cab-4978-9844-c336268015d1.png?ssl=1)
![Why is XRP price bullish today? 786dcff5 9cab 4978 9844 c336268015d1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/786dcff5-9cab-4978-9844-c336268015d1.png?ssl=1)
Optimistic SEC. vs Ripple update
XRP’s price gains in the last 24 hours come amid anticipations about Ripple reducing its potential settlement costs in its pending lawsuit against the U.S. Securities and Exchange Commission (SEC).
Notably, the SEC and Ripple remain in a remedies-related discovery process over the latter’s $770 million worth of XRP sales to institution investors. Ripple aims to reduce potential settlement costs by more than 50%, citing the Morrison vs. National Australia Bank case.
Using Morrison vs. NAB, Ripple can argue that the SEC’s jurisdiction does not extend to XRP sales made to non-U.S. investors. This is significant because a substantial portion of Ripple’s XRP sales were to institutional investors outside the U.S.
Related: Why is XRP price bearish today?
If Ripple can successfully argue that these sales fall outside the SEC’s jurisdiction, it could significantly reduce the scope of the SEC’s case and potentially the size of any penalty or settlement. This expectation has made XRP analysts bullish about the token.
XRP whale accumulation
XRP’s recent gains coincide with a strong accumulation period among its richest investors.
For instance, the XRP supply held by addresses with a balance of over 1 million tokens has increased by 20 million so far in December. The XRP price has risen by nearly 8.5% in the same period, indicating whales are positioning themselves for more upside in the future.
![Why is XRP price bullish today? 1d41ffa9 95e3 484a 9435 fcf5155e87ba](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/1d41ffa9-95e3-484a-9435-fcf5155e87ba.png?ssl=1)
![Why is XRP price bullish today? 1d41ffa9 95e3 484a 9435 fcf5155e87ba](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/1d41ffa9-95e3-484a-9435-fcf5155e87ba.png?ssl=1)
In particular, the supply among the top 100 XRP holders have increased recently, indicating they have been accumulating XRP at local highs.
![Why is XRP price bullish today? dfeda9ac 476e 4700 ac46 83e9b7557f1e](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/dfeda9ac-476e-4700-ac46-83e9b7557f1e.png?ssl=1)
![Why is XRP price bullish today? dfeda9ac 476e 4700 ac46 83e9b7557f1e](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/dfeda9ac-476e-4700-ac46-83e9b7557f1e.png?ssl=1)
Bitcoin’s crypto market share dwindles
Furthermore, XRP’s price gains in the last 24 hours are part of a broader altcoin market rebound against Bitcoin, the top cryptocurrency by market cap.
Interestingly, XRP’s market dominance has jumped nearly 5% in the last 24 hours, compared to the Bitcoin dominance’s 0.82% drop. Thus, many traders may have likely rotated capital from Bitcoin into in altcoins like XRP, whose upside potential in the short term appears attractive.
![Why is XRP price bullish today? 5eb6db48 d3b9 4f03 b176 da04da4e6b7d](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/5eb6db48-d3b9-4f03-b176-da04da4e6b7d.png?ssl=1)
![Why is XRP price bullish today? 5eb6db48 d3b9 4f03 b176 da04da4e6b7d](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/5eb6db48-d3b9-4f03-b176-da04da4e6b7d.png?ssl=1)
XRP price prediction
Nevertheless, technical indicators suggest that XRP’s market may be favor the bears in the near term.
Notably, as of Dec. 7, the cryptocurrency trades near a strong resistance confluence comprising its multi-month descending trendline and 0.618 Fibonacci retracement line near $0.68, as shown in the weekly chart below.
![Why is XRP price bullish today? 508c24f4 40db 423a 93fa fd48045116de](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/508c24f4-40db-423a-93fa-fd48045116de.png?ssl=1)
![Why is XRP price bullish today? 508c24f4 40db 423a 93fa fd48045116de](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-12/508c24f4-40db-423a-93fa-fd48045116de.png?ssl=1)
XRP’s price may climb toward its 0.5 Fib retracement line near $0.85 if it breaks above the resistance confluence mentioned above.
A decisive pullback from the confluence, however, risks sending XRP’s price to $0.56, the flipped resistance level of its previous ascending triangle pattern, by next month.
Related: XRP’s price surge sparks brief excitement amidst BlackRock ETF speculation
If the bears persist with a continued selloff, XRP price can drop further toward the $0.45-0.50 area in early 2024. This range coincides with XRP’s 50-week and 20-week exponential moving averages (EMA) and multi-year ascending trendline support.