XRP has had a volatile year so far. After reaching a 2024 peak of over $0.7 in March, the cryptocurrency has struggled to regain that momentum. In early April, XRP dropped to around $0.5 and has failed to recover.
However, there are signs of potential improvement. At press time, Cryptorank data showed that XRP had climbed 0.47% in July to its current price of $0.476. Although this is a modest increase, the massive 81.25% increase in XRP’s 24-hour trading volume suggests renewed investor interest in the digital asset.
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Legal Victories Fuel Investor Optimism
Recent developments in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have buoyed XRP investors. On June 28, Judge Amy Berman Jackson dismissed parts of the SEC’s lawsuit against Binance and its founder, citing that secondary sales of BNB tokens did not qualify as securities under the Howey Test.
This decision is similar to Judge Analissa Torres’ ruling from July 2023 and reinforces her precedent. Judge Torres previously ruled that XRP in itself is not a security and that non-institutional XRP sales were not securities offerings.
Ripple Chief Legal Officer Stuart Alderoty emphasized the significance of these rulings, highlighting that courts are recognizing the inconsistencies in the SEC’s legal arguments. These legal victories have instilled confidence in XRP’s future, potentially contributing to the recent price uptick.
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Will XRP Rise in 2024?
While the legal landscape appears favorable for XRP, technical indicators present a more cautious outlook. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) currently suggest that sellers might still hold some dominance in the market. This indicates that the recent price surge might be short-lived.
Read Also: Ripple CEO Echoes 3 Consecutive Victories against SEC, As XRP Gets Clearer Path to the Future
For XRP to enter a sustained bullish phase, it has to overcome the resistance level at $0.52. Conversely, a drop below the support level of $0.45 could signal a return to bearish trends.
However, a crypto expert recently predicted that the alt season is here. Bitcoin has already hit a new all-time high. Although many analysts believe it can still surpass it, the focus is on altcoins like XRP, and many analysts believe Bitcoin will lose ground to XRP when the 2024 bull run kicks in.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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