The XRP price has surprised the crypto community with staggering 20% growth. This week is going to be a pivotal moment for the future of XRP.
What’s happening?
This past weekend, the XRP price, much to the community’s surprise, skyrocketed 20%, exceeding $0.56 at one point.
The 50 EMA, the 100 EMA and the 200 EMA have all been surpassed by XRP during this rally. Achieving these key benchmarks indicates strong buying pressure and renewed investor confidence in XRP.
Transaction transfers have increased to 1.47 million, with the total number of transactions rising 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, the price of XRP has climbed by over 26%. It has reached $0.56, the highest level since April 12.
Ripple v. SEC
On July 13, exactly a year ago, Judge Torres issued an important ruling, which states, among other things, that XRP is not a security. This marked a milestone both for Ripple and crypto regulation.
For nearly four years, Ripple has been in a legal battle with the SEC. The latter accused Ripple of conducting an unregistered securities offering through the sale of XRP. 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.
There have been rumors that the recent price growth is due to the fact that the decision has already been made in favor of Ripple.
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
Price prediction
The XRP price currently trades at $0.53. It can either go through a mild correction, in a quest for $0.7 later this month, or continue to rise this week to test the $0.6 level. If the price goes above $0.6, the bull run will continue.
The RSI index is currently at 63, which offers enough space for growth this week. Currently, the cryptocurrency 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, it is fair to say that the recent price recovery is not speculative, as XRP has not experienced extreme volatility in the past.
