Ripple Ruling Shatters SEC’s Crypto Grip, XRP Poised for 1,200% Surge?

NAIROBI (CoinChapter.com) — The court ruling in the Ripple Labs case has become a crucial reference in the ongoing SEC vs. Binance lawsuit, especially in a decision favoring Binance.

Implications On Binance Lawsuit

Judge Amy Berman Jackson of the US District Court for the District of Columbia dismissed part of the charges against Binance regarding the secondary market sales of its native BNB token. She based her decision on the approach used by Judge Analisa Torres in the SEC vs. Ripple case, where the court determined that XRP is not a security in secondary market transactions.

Judge Jackson stated that the government’s claim about crypto assets being investment contracts and its arguments about the technology and platform interdependence were not enough to classify secondary BNB sales as investment contracts. The judge emphasized that this theory alone did not make secondary BNB sales as securities.

The dismissal marks a significant win for the crypto market. It suggests a judicial trend towards a nuanced understanding of digital assets. The market keenly watches for updates as the SEC vs. Ripple case progresses. The SEC’s recent demand for $102.6 million in fines from Ripple adds to the anticipation.

A 1,200% XRP Rally on the Horizon?

The recent legal victories have invigorated the XRP community, with investors closely watching the token’s price movements. As the general crypto market flashes green, XRP remains in a consolidation phase below $0.50.

However, crypto analyst Egrag Crypto suggested in a June 30 post that the token may rally past $6, driven by key Fibonacci levels.

The analyst emphasized the significance of the current monthly candle formation closing above the 0.236 Fibonacci level. The pattern suggests a natural consolidation phase, potentially setting the stage for a breakout. The next major target is the 0.5 Fibonacci level at around $1.

Surpassing this with strong momentum could push XRP to the 1.618 level, projecting a 1,200% increase to $6.4.

On July 2, XRP price climbed above $0.48, gaining nearly 1%. Ripple might fill the Fair Value Gap (FVG) between $0.4825 and $0.4841, then rally to the next resistance at $0.4955, aligning with the 23.6% Fibonacci retracement from the March 11 peak to the April 13 low.

XRP faces further resistance at $0.50. The MACD indicator shows positive momentum, while the RSI suggests a bullish reversal but has not yet surpassed the average. If the RSI exceeds 60, XRP could rise above $0.50.