.png){kind=logo}
XRP has made a shift in the last 7 days gaining over 26% in value. As of the latest data today XRP is trading at $0.5289 with a 24-hour increase of 1.77%. This surge has pushed XRP market cap to $29.5 billion securing its position as the 7th largest crypto by market cap. The 24-hour trading volume has seen a drop of 44.91%, reaching $1.5 billion.
The recent price movement comes as the crypto community marks the one-year anniversary of a moment in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). On July 13 2023 Judge Analisa Torres delivered a landmark ruling declaring that XRP when sold to retail investors was not a security.
However, the case is far from over. The court has entered the "remedies phase," where it will determine any penalties or injunctions against Ripple. Both parties continue to engage in legal maneuvering with disputes over document access potentially influencing the final outcome. The SEC has also raised concerns about Ripple's XRP sales post-lawsuit adding another layer of complexity to the proceedings.
Amid this legal backdrop rumors are circulating about a potential settlement between Ripple and the SEC. Reports suggest that the SEC is planning a secret meeting in Washington on July 18. This news has raised discussions about a possible final settlement in the case.
The outcome of this lawsuit carries significant weight beyond Ripple and XRP. It's expected to set a precedent for how digital assets are classified and regulated in the United States potentially reshaping the entire cryptoy space.
On technical analysis XRP has shown strong bullish momentum since hitting a low of 0.3827 on July 5th. It has rebounded by over 47% since then with the current price approaching a key resistance zone.
The daily chart shows XRP trading near an ascending trendline resistance and a horizontal resistance level around 0.5698. The daily RSI sits at 66 indicating strong bullish momentum. This is further supported by several daily candles displaying bullish action.
A bullish crossover occurred on the MACD indicator with the signal line well below the MACD line. The histogram shows large bullish bars suggesting developing upward momentum.
Data from Coinglass reveals an increasing Long/Short Ratio for XRP reflecting the bullish sentiment of recent days. The total liquidations chart shows significant liquidation of short positions with $7 million worth of shorts liquidated on July 13th alone.
As XRP approaches the double resistance levels above, we are watching closely to see if it can break out and continue its bullish recovery or if it will face a strong rejection as it has in the past. A close above these levels could signal a change in bias and potentially lead to further price appreciation.
While the technical indicators paint a bullish picture, it's important to remember that the ongoing legal situation with the SEC continues to be a vital factor influencing XRP price.
