Crypto Boom: XRP Price Surges on Ripple's Legal Win
The Ripple Legal Battle
In a highly anticipated legal battle spanning three years, Ripple and the Securities and Exchange Commission (SEC) found themselves locked in a courtroom clash. In 2020, the SEC filed a lawsuit against Ripple, alleging that the company violated U.S. securities laws by selling XRP without registering it with the agency. This case has drawn significant attention from the cryptocurrency community, as its outcome could have far-reaching implications for the entire industry.
On July 14, 2023, Judge Analisa Torres, presiding over the Southern District of New York, delivered a ruling on the matter. The court determined that Ripple's programmatic sales and other distributions of XRP did not meet the criteria for constituting an offer and sale of investment contracts. However, the court did find that Ripple's institutional sales of XRP did qualify as an unregistered offer and sale of investment contracts, thereby violating Section 5 of the Securities Act. This ruling marks a significant development in the legal battle between Ripple and the SEC.
XRP Price Surge
The court's ruling was a major victory for Ripple, as it provided greater regulatory clarity and certainty around the status of XRP. In response, XRP’s price skyrocketed, reaching highs not seen in months. At its highest point, XRP was trading at $0.93, just shy of hitting the $1 mark. The XRP community was overjoyed, and the excitement was visible in the token's price action.
XRP Overtakes BNB Coin
The XRP price surge has also had a significant impact on the cryptocurrency's market cap. XRP has overtaken Binance Coin (BNB) to become the fourth-largest cryptocurrency in terms of market cap. As of writing, XRP is trading at $0.7767, with a market cap of over $40.81 billion.
Whale-Backed XRP Rally
Several indicators suggest that XRP's ongoing price pump may not be just a short-term reaction to the positive news for Ripple. Trading volumes for XRP have reached a 10-month high, and the number of XRP whale transactions has climbed to its best level in 2023, suggesting that the wealthiest investors back the XRP rally. Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000-10 million token balance.
XRP Price Prediction
From a technical standpoint, XRP can test the key $1 level in the coming days. However, its potential to continue its rally beyond looks weak for the time being. The pullback on July 14 occurred near a resistance confluence comprising a multiyear horizontal trendline and a giant descending trendline ceiling. In addition, XRP's weekly relative strength index (RSI) has turned overbought, raising its correction prospects.
Should a pullback occur, XRP price risks dropping toward its multiyear ascending trendline support near $0.45 by September, down around 55% from the current price level. Other price targets include the token's 50-week exponential moving average (50-week EMA) near $0.48 and 200-week EMA (the blue wave) near $0.50.
ChangeNOW: The Best Platform for Buying and Exchanging Crypto
If you're interested in buying XRP, you might be wondering where to start. ChangeNOW is a user-friendly platform that makes it easy to buy and exchange crypto. With ChangeNOW, you don't need an account to get started, and the platform offers competitive rates and secure transactions.
ChangeNOW is also interested in the XRP Ledger, the underlying technology behind XRP that provides fast and efficient cross-border payments. As the demand for cross-border payments grows, the XRP Ledger is poised to become a major player in the fintech industry.
How to Buy XRP on ChangeNOW
To buy XRP on ChangeNOW, follow these simple steps:
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It's that easy! With ChangeNOW, you can jump on the wave of the current crypto boom and start investing in XRP today.
