CoinTelegraph reported:
The price of XRP (XRP) has skyrocketed after a federal court ruling declaring that its sales on crypto exchanges complied with United States securities laws.
On July 14, the XRP price retreated by about 10% to $0.76, but compared with its lowest price the previous day, it was still up around 65%.
Related: Why is XRP price up today?
At its highest in the last 24 hours, the XRP/USD pair reached $0.93, its best level since December 2021, just shy of hitting the $1 mark.
![Can XRP price hit $1? Watch these levels next 1 3567068e 3a41 4e7f b1c2 3700f3d3c2b6](https://s3.cointelegraph.com/uploads/2023-07/3567068e-3a41-4e7f-b1c2-3700f3d3c2b6.png)
A whale-backed XRP rally
Certain indicators show that XRP’s ongoing price pump may not be just a short-term reaction to the positive news for Ripple.
For instance, the duration of XRP’s massive pump coincides with its trading volumes reaching a 10-month high. Meanwhile, the number of XRP whale transactions — wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the wealthiest investors back the XRP rally.
“If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it’s a sign of good things to come,” stated Brian Q, an analyst at data analytics platform Santiment.
![Can XRP price hit $1? Watch these levels next 2 e5e35a71 6d02 4294 ad21 5d3196d11462](https://s3.cointelegraph.com/uploads/2023-07/e5e35a71-6d02-4294-ad21-5d3196d11462.png)
Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000–10 million token balance.
![Can XRP price hit $1? Watch these levels next 3 348d655f f912 49f0 a0d5 de9ef6e45966](https://s3.cointelegraph.com/uploads/2023-07/348d655f-f912-49f0-a0d5-de9ef6e45966.png)
In other words, whales have not sold the rally but accumulated XRP, suggesting most want to position themselves for further gains.
XRP to $1 and beyond?
From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak for the time being.
Notably, the pullback on July 14 occurred near a resistance confluence comprising a multiyear horizontal trendline (purple) and a giant descending trendline ceiling (black).
In addition, XRP’s weekly relative strength index (RSI) has turned overbought, raising its correction prospects.
![Can XRP price hit $1? Watch these levels next 4 270990b6 4def 4eb2 8b74 05d114f18a5d](https://s3.cointelegraph.com/uploads/2023-07/270990b6-4def-4eb2-8b74-05d114f18a5d.png)
Should a pullback occur, XRP price risks dropping toward its multiyear ascending trendline support near $0.45 by September, down around 55% from the current price level.
Related: Ripple CTO warns against XRP scams amid SEC-induced hype
Other price targets include the token’s 50-week exponential moving average (50-week EMA; the red wave) near $0.48 and 200-week EMA (the blue wave) near $0.50.
On the other hand, an overbought RSI could also result in the XRP price consolidating sideways inside the $0.75–$1 range.
![Can XRP price hit $1? Watch these levels next 5 5c559b06 a648 44d0 b617 da085461e9c4](https://s3.cointelegraph.com/uploads/2023-07/5c559b06-a648-44d0-b617-da085461e9c4.png)
If the XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35, a resistance level from the August to December 2021 session.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.