XRP has seen a price surge of over 12% in the last 24 hours reaching $0.5124. Its market cap now records over $28.6 billion while its trading activity in the last 24 hours has aslo surged by over 71% to over $2 billion. This bullish momentum comes as Ripple executives and the XRP community celebrate the first anniversary of a crucial legal decision in their ongoing battle with the U.S. Securities and Exchange Commission (SEC)
On July 13, 2023 Judge Analisa Torres ruled that XRP in itself is not a security and that certain XRP-related transactions including programmatic sales on secondary markets do not violate securities laws. This decision was seen as a partial victory for Ripple despite the court holding that institutional sales of XRP violated Section 5 of the Securities Act.
Ripple CEO Brad Garlinghouse took to social media to reflect on this landmark day describing it as "a very good day for Ripple and the industry." He criticized the SEC's approach under Gary Gensler's leadership accusing the agency of attempting to stifle the crypto industry through legal actions and intimidation.
As the case continues, speculation about a potential settlement has intensified. The SEC has scheduled a closed meeting for July 18, with agenda items including settlements and enforcement proceedings. This has led some XRP supporters to believe a resolution may be on the horizon.
In March 2024 the SEC filed for a $2 billion penalty against Ripple while the company countered with a proposed $10 million fine. Ripple argues that its post-complaint XRP sales were compliant with U.S. securities laws being made to accredited investors or through On-Demand Liquidity (ODL) contracts that prevent profits or losses.
The outcome of this case could have far-reaching implications for the crypto industry, potentially setting precedents for how digital assets are classified and regulated.
XRP's price action has been bullish in recent days. After breaking below an ascending trendline on June 7 and finding support at $0.45 the price briefly recovered before dropping to a low of $0.3827 on July 5. Since then XRP has shown strong bullish momentum recording last six consecutive days of bullish action, today included.
The daily RSI stands at 62 indicating strong bullish momentum as analyzed in our previous report. A MACD bullish crossover has also occurred further supporting the positive trend.
XRP is currently approaching the ascending trendline resistance zone and this acts as our next immediate target. We watch closely to see if the price will break out signaling a bullish recovery or face rejection as it did previously.
Key metrics including the current market cap and the 24-hour trading Volume surge suggest growing interest and activity in XRP trading which could fuel further bullish price action.