XRP, the fifth-largest cryptocurrency, seems to be headed for its most successful week since early July when it surged by approximately 59% following a favorable verdict in Ripple's lawsuit.

Based on data from CoinMarketCap, XRP is currently showing a slight increase of 0.01%, reaching $0.517. This marks a noteworthy weekly gain of 6.03%, which is the largest since the week of July 10, when it recorded a 59% increase.

If this positive momentum continues, it will be XRP's first positive week since September. In September, it experienced two consecutive positive weeks between September 18 and September 25, but the gains during those weeks were only 1.95% and 4.40%, respectively.

This week is undoubtedly a triumph for XRP and Ripple, especially after the SEC dropped its claims against two key Ripple Labs figures, CEO Brad Garlinghouse and co-founder Chris Larsen, in their lawsuit alleging violations of U.S. securities law.

On October 19, following the SEC news, XRP briefly surged to a high of $0.524 but has since retraced some of those gains.

As for XRP's price movement, it currently hovers between its 50-day moving average (MA) at $0.504 and its 200-day MA at $0.527. A breakout above or below these moving averages could signal the next significant price movement.

Traders should closely monitor the price levels of $0.56 and $0.41. A breach above the resistance at $0.56 may indicate the beginning of a new uptrend for XRP. Conversely, if the price drops below $0.41, it could result in substantial selling pressure. Overall, the market appears to be in a consolidation phase before a potential price breakout.