XRP’s 20% Surge: Legal Wins, Market Activity and Future Outlook

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The XRP price surprised the crypto community with a 20% growth. This week marks a pivotal moment for XRP’s future. Over the past weekend, XRP’s price skyrocketed by 20%, exceeding $0.56 at one point. It surpassed the 50 EMA, 100 EMA, and 200 EMA, indicating strong buying pressure and renewed investor confidence in XRP.

Increased Transaction Activity

Transaction transfers have risen to 1.47 million, and the total number of transactions has climbed to 2.55 million. These indicators suggest heightened activity and usage on the XRP network, contributing to the recent price surge. Since the start of the week, XRP’s price has increased by over 26%, reaching $0.56, the highest level since April 12.

Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.

First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.

This… https://t.co/0gh0EYhFZO
— Stuart Alderoty (@s_alderoty) July 12, 2024

On July 13, exactly a year ago, Judge Torres issued an important ruling, declaring that XRP is not a security. This marked a milestone for Ripple and crypto regulation. Ripple has been in a legal battle with the SEC for nearly four years, accused of conducting an unregistered securities offering through XRP sales.

The outcome of this high-profile case could significantly impact the cryptocurrency industry. Although the exact date of the highly anticipated verdict remains unknown, some speculate it might happen in late July. Rumors suggest that the recent price growth is due to a favorable decision for Ripple.

Price Prediction

Currently, XRP trades at $0.53. It could either experience a mild correction before aiming for $0.7 later this month or continue to rise this week to test the $0.6 level. If the price surpasses $0.6, the bull run will likely continue.

_{Source: CoinMarketCap}

The RSI index is currently at 63, offering enough space for growth this week. However, XRP faces substantial resistance around the $0.57 mark, a level that has previously caused rejections.

Whether XRP remains bullish and adds another 10% or loses a few percentage points, the recent price recovery is not speculative, as XRP has not experienced extreme volatility in the past.

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— Cryptoboom (@Cryptoboom29884) April 15, 2024

The XRP price breakout has drawn significant attention. With increased transaction activity, ongoing legal battles, and promising price predictions, this week is crucial for XRP’s future. Investors will closely watch whether XRP can maintain its upward momentum or face resistance.