Ripple hits highest level in nearly 100 days, XRP extends gains amidst rumors of potential SEC settlement
- Ripple XRPLedger’s native token XRP rallied to $0.6333, the highest level in 99 days.
- XRP extends gains as the market absorbs selling pressure from the 150 million XRP sent to Ripple 1 wallet in July.
- XRP holders speculate the end of the SEC lawsuit against Ripple, settlement rumors across social media platforms.
- XRP trades around $0.6200 at the time of writing, up nearly 7% on Wednesday.
Ripple (XRP), XRP Ledger’s native token, extended gains by nearly 7% on Wednesday. The sixth largest asset by market capitalization rallied for the tenth consecutive day and erased all losses from the last 99 days.
XRP tested $0.6333 on Wednesday, and it is trading around $0.6200 at the time of writing.
Daily digest market movers: Ripple extends gains in uptrend that started on first anniversary of Judge Torres ruling
- Ripple rallies on the back of three key market movers:
- One-year anniversary of the Judge Analisa Torres ruling, where XRP sales on secondary markets (crypto exchanges) were accepted as “non-security,” on July 13.
- Ripple released 150 million XRP tokens to a wallet tagged “Ripple 1” after moving the asset out of escrow. The market absorbed the selling pressure from the early July transfer, and XRP extended gains for the tenth consecutive day.
- Attorney Fred Rispoli said he expects the US Securities and Exchange Commission (SEC) vs. Ripple lawsuit to end in July 2024, at the latest by July 31. Pro-XRP attorneys and analysts have sparked settlement rumors on social media platforms like X, fueling anticipation of the lawsuit’s end among XRP holders.
- Ripple’s 150 million XRP transfer holds significance since the wallet tagged Ripple 1 is typically the one where assets are moved, prior to their transfer to crypto exchange platforms.
- Attorney Fred Rispoli’s tweet elicited a positive response among XRP traders.
- While settlement rumors make the rounds on X, retired securities lawyer Marc Fagel believes “Ripple violated federal law” shares opinion in a comment on Ripple CEO Brad Garlinghouse’s interview.
Or, alternatively, why would we have a partisan divide over whether companies should violate federal law?
— Marc Fagel (@Marc_Fagel) July 16, 2024
- Crypto analyst behind the X handle @Leerzeit has reached out to the legal expert on more than one occasion to end the speculation surrounding the SEC lawsuit settlement.
Hey @Marc_Fagel why would the SEC see Ripples post-Complaint contracts governing “Institutional Sales." for the determination of remedies? To settle it for the future? Is it wrong to assume that the SEC would have to file charges for these sales before they have any bearing on… https://t.co/6xuCPIbvJO
— Mr. Huber (@Leerzeit) January 11, 2024
Technical analysis: Ripple tests $0.63 level on Wednesday
Ripple is currently in an upward trend, forming higher highs and higher lows since July 8, as seen in the XRP/USDT daily chart. XRP tested $0.63 on Wednesday, trading at $0.6200, at the time of writing.
The momentum indicator, Moving Average Convergence Divergence (MACD), shows green histogram bars above the neutral line, supporting a positive underlying momentum in Ripple’s uptrend.
XRP could extend gains by more than 15% and revisit its 2024 peak at $0.7440.
XRP/USDT daily chart
Ripple could find support at $0.6058 and $0.5632, at the 61.8% and 50% Fibonacci retracement levels of the decline between the March 11 top of $0.7440 and the July 5 low of $0.3823.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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