HomeNewsXRP Surges on SEC Setback: Is $0.70 Just the Beginning?

XRP Surges on SEC Setback: Is $0.70 Just the Beginning?

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  • Ripple’s successful defenses in the SEC lawsuit have fueled a rally in XRP, with hopes for a favorable settlement.
  • Despite legal victories, the possibility of an SEC appeal over the Programmatic Sales ruling limits XRP’s upward momentum.

Ripple Gains Ground in Legal Battle with SEC

The ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has seen a turning tide in favor of Ripple. This development has sparked optimism among XRP investors, leading to a modest rally in the cryptocurrency’s value.

The Impact of Programmatic Sales Rulings

The recent court ruling, favoring Ripple, dismissed the charges against co-founder Chris Larsen and CEO Brad Garlinghouse. This significant legal victory, however, has not translated into a dramatic price surge for XRP, which continues to hover below the $0.70 mark. The cautious sentiment among investors is partly due to concerns over a potential SEC appeal against the Programmatic Sales ruling.

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SEC’s Legal Strategy and Ripple’s Response

After the court rejected the SEC’s motion for an interlocutory appeal – which could have prolonged the case until 2025 – the SEC dropped charges against Larsen and Garlinghouse and seemed more inclined towards settlement. This shift in the SEC’s approach has raised hopes of a resolution that might involve a relatively minor penalty for XRP sales to U.S. institutional investors.

XRP’s Market Performance and Future Outlook

XRP‘s market movement has been cautiously optimistic. Despite the legal victories, the currency remains above its 50-day and 200-day Exponential Moving Averages (EMAs), indicating bullish signals for its price. A return to the $0.63 level could pave the way for breaking above the $0.6354 resistance, targeting $0.65. However, a fall below the 50-day EMA could see XRP testing the support level at $0.5835.

Technical Analysis and Investor Sentiment

On the technical front, XRP’s daily chart shows bullish tendencies, while the 4-hourly chart presents a mix of bearish near-term and bullish longer-term trends. The Relative Strength Index (RSI) readings on both daily and 4-hourly charts suggest room for growth before reaching overbought territory, potentially leading to an increase towards the $0.65 level.

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Navigating Market Dynamics

Investors remain focused on the SEC vs Ripple case, with market commentary and updates from the lawsuit likely to influence buyer demand and XRP’s price trajectory. As the legal proceedings unfold, the cryptocurrency community is closely monitoring the implications for XRP and the wider digital asset market.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!
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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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