XRP recently won its case against the US Securities and Exchange Commission (SEC). With Ripple’s big win against the US Securities and Exchange Commission (SEC), the crypto market is once again joining the collective success and delivering stable gains in return. At press time, XRP is trading at $0.5996, up 0.9% in the last 24 hours.
With the legal hurdles now cleared, XRP enthusiasts hope that the token will find its own price path. Breaking Ripple’s $0.65 price barrier would provide significant relief and force the coin to reach new price highs. Will XRP be able to overcome the critical point?
Also read: Ripple prepares to launch RLUSD. Will it help XRP rise to $1?
Ripple’s celebrated victory at the SEC
It’s been quite a week for Ripple XRP as the token was recently released from the 4-year-long legal battle with the US Securities and Exchange Commission (SEC). The court’s ruling finally supports Ripple and declares that the token is officially not a security.
Market reaction to the SEC victory
This development sparked a wave of change in the crypto market and brought significant gains to the entire altcoin market. According to Santiment, the market is recovering as XRP’s victory is being celebrated on all fronts.
“This is the most volatile week crypto has seen since the FTX collapse two years ago, and markets are ending it with a celebratory bang. XRP’s bullish response to its lawsuit has led to price gains, while BTC and ETH continue to punish Monday and Tuesday’s lows.👍”
The future price trend of XRP
Now that the token is no longer affected by the SEC’s decisions, XRP can determine its own price path. According to CoinCodex, the token may face strong resistance at certain price levels. This means that XRP may struggle to overcome certain price barriers due to low technical support. However, once it crosses such price barriers, it may experience a stunning uptrend.
“Based on today’s classic pivot point (P1) valued at $0.578636, XRP has support levels at $0.521687, $0.439374, and the strongest at $0.382425. Likewise, XRP resistance levels are at $0.660949, $0.717897, and $0.80021.”
With its current price of $0.59, XRP needs a strong push to enter the $0.65 club. As Ripple forges global collaborations and partnerships and prepares for the launch of RLUSD, the token could soon embark on a bullish price path.
XRP price prediction for the weekend
According to CoinCodex, XRP may soon reach a new price threshold of $0.79 by August 11, 2024. However, it may quickly stabilize at the price level of $0.72 by August 15.
“The XRP price prediction for the next 30 days is a projection based on the positive and negative trends over the past 30 days. Based on these XRP projections, XRP will change hands at $0.724839 on August 15, 2024, gaining 18.52%.”
By the end of the month, the token can increase by 20% and reach the price mark of $0.73.
“The price of XRP is expected to rise to $0.739266 by September 7, 2024. According to our technical indicators, the current sentiment is bullish, while the Fear & Greed Index shows 20 (extreme fear). XRP recorded 19/30 (63%) green days in the last 30 days with a price volatility of 10.37%.”
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