XRP, the cryptocurrency from Ripple, is showing signs of potential growth and has concluded a multi-year legal battle with the SEC.
Analysis of XRP Movement
Crypto market analyst Degen Profit claims that XRP is following a pattern reminiscent of its trajectory in 2024, marked by initial weakness followed by a sharp breakout in July. Assuming XRP can hold above the $2.95 support level, a rally of 156% to a price of $7 is anticipated. Currently, XRP is trading at $3.33, showing an increase of 10.8% over the past 24 hours. The break of key resistances at $2.97–$3.10 has opened the way for potential targets between $8 and $15.
Conclusion of SEC vs Ripple Case
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs officially closed their long-running legal battle. This case concluded with a joint stipulation of dismissal, marking the end of one of the longest court battles in crypto. The decision reinforces a district court ruling from July stating that XRP sales on public exchanges are not considered securities. XRP holders quickly reacted, leading to a sharp rise in the token's value following the closure of the case.
XRP's Prospects After Case Conclusion
The closure of the case is perceived as a significant step towards regulatory clarity, which may facilitate the creation of XRP-based financial products. Analysts believe this opens avenues for innovations such as spot ETFs. While the XRP community views this moment as a restoration of optimism for broader adoption, high expectations in the market are palpable. One of the company's chief lawyers predicted the case's closure before August 15, and this prediction has now been confirmed.
The conclusion of the legal proceedings brings relief to the XRP community and opens new horizons for growth and the integration of cryptocurrency into financial markets. Supported by positive regulations, XRP is on a possible trajectory toward a significant price increase.
