XRP is experiencing bullish momentum a year after a court declared it not to be a security in the ongoing Ripple v. Securities and Exchange Commission (SEC) case.
This came after a prolonged period of correction and consolidation below $0.60.
In fact, the cryptocurrency has reclaimed the $0.50 support level and recorded double-digit gains on the daily and weekly charts. Notably, XRP had previously raised concerns about its sustainability after losing the $0.50 support.
At the time of writing, XRP is trading at $0.53, up over 16% in the past 24 hours. On the weekly chart, the token is up 20%.
Next major XRP targets to watch
Based on current price trends, crypto analysts Dark Defender was suggested In a July 13 post, X stated that the bounce off the $0.3917 support level had bolstered investor confidence, setting the stage for a “violent move” in XRP price.
According to the analysis, the next key price objective for XRP is $0.6649. The analyst noted that breaking through this resistance will be crucial for the continuation of XRP’s bullish trend.
According to the analysis, a sustained surge above this level could see XRP rise to $1.88 before hitting $5.85 and correcting to $3.09. If the upside continues, XRP could rise to $18.22.
“We’ve been waiting for $0.3917 as the last support for XRP for almost a year. Could this be exactly where XRP will bounce? Of course. $0.6649 remains the key for a strong move towards the target,” the expert noted.
Experts also highlighted several Fib retracement levels which indicate possible support and resistance points for XRP price movement.
Impact of the Court’s decision
It is worth noting that on July 13, Judge Analisa Torres addressed the security status of the XRP Ledger’s native token in her ruling, where she distinguished between secondary market sales of XRP and sales by institutional investors, noting that the former do not constitute a security.
In a recent development in the SEC v. Binance case, Judge Amy Berman Jackson cited Judge Torres’ decision as precedent, further solidifying Ripple’s non-securities status.
Cryptocurrencies have often operated in a grey area, with regulators struggling to properly classify and regulate them, but the ruling brings regulatory clarity to the industry. Both parties are awaiting the outcome of the case.
In fact, a ruling in Ripple’s favor could increase the chances of XRP achieving sustained profits.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when investing.
