The token XRP has seen a surge in positive trading after Ripple, its parent company, triumphed in a prominent lawsuit with the United States Securities and Exchange Commission (SEC). As a result, XRP was declared not to be a security.
Subsequent to the ruling, the spotlight has moved to how the partial regulatory clarity can affect the future cost of XRP. Presently, conjecture has focused on how far XRP can surge now that the case which had been a weight regarding the token’s worth has been decided.
On July 14, crypto trading analyst Michaël van de Poppe tweeted about the possibility of XRP making a huge leap if it breaks through certain price points. He is keeping an eye on the range between $0.65 and $0.69.
The speaker suggested that they pay in the range of $0.65 to $0.69 for the scalp. He then added that if that was successful, they could expect a new surge afterwards.
It is noteworthy that XRP has experienced a slight adjustment in value after its prices shot up with the court ruling. A multi-month peak of $0.93 was attained, with a gain of nearly 90% within a single day.
A rapid increase in Ripple’s performance enabled it to outdo other well-known digital currencies in a number of areas. For example, the trading volume of XRP on the South Korean crypto exchange Upbit was greater than Bitcoin’s (BTC) for a period of time, reaching $2.6 billion within a single day.
Despite the recent progress, the legal struggle relating to XRP is still ongoing, as the judge determined that the firm had breached federal regulations by offering XRP straight to investors. Similarly, Finbold reported that lawyer Bill Morgan also raised worries about certain components of the ruling.
As of now, the price of XRP is $0.73, showing a decrease of 8% in the last day. However, in the last week, XRP has gone up a remarkable 55%.
As per technical analysis, XRP is currently in a bullish state. According to TradingView, the one-day gains are suggestive of a ‘buy’ at 15, while the moving averages point to a ‘strong buy’ at 13. The oscillators are neutral at 8.
At the present time, XRP is having difficulty overcoming certain resistance levels, with $1 being a possible goal to keep an eye on. In spite of the bullish energy that XRP has, if it is unable to go above the $0.75 resistance territory, a noteworthy downward trend can be expected.
However, the token’s progress to this level is contingent upon other conditions, including the overall market trend.
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