Key Takeaways:
- XRP price rocketed 67% to reach a new 19-month high.
- The surge resulted from the Ripple-SEC lawsuit ending in the firm’s favor.
NEW DELHI (CoinChapter.com) — XRP price catapulted over 70% intraday to reach a daily high of $0.934 on July 13 after the Southern district court New York district delivered a resounding judgment today, ruling in favor of Ripple in the XRP Ripple lawsuit.
As news of Ripple’s win against the SEC hit the wires, investors aggressively started buying the token, propelling the XRP price to its highest level since December 2021. However, profit booking resulted in the token’s price paring some of the day’s gains.
Furthermore, the uptrend resulted in the relative strength index breaking into the overbought region, clocking at 87.82 on the daily charts. Overbought RSI levels often precede a correction phase or a consolidation, which is why traders consider the occurrence a sell signal.
If the sell-off continues, the XRP price might drop to the support near $0.75. Moreover, the failure of the immediate support level might result in the XRP price testing the support near $0.653 before recovering.
However, given XRP’s win against SEC, traders might continue buying in anticipation of an upcoming rally. As such, the token might rise to the resistance level near $0.897.
Breaking and consolidating above the immediate resistance might instill confidence in the rally, helping XRP price might challenge the psychologically vital $1.04 before retreating.
Exchanges Announce Relisting Of XRP
Meanwhile, with Judge Analisa Torres definitively stating the Ripple (XRP) token does not qualify as a security, exchanges that previously delisted the token are now considering relisting XRP.
Crypto exchange Gemini was the first to announce that it was “exploring the listing of XRP for both spot and derivatives trading.“
The judgment clarified that XRP was not a security, stating “XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract.“
As such, it seems likely that other exchanges might follow suit. XRP relist could add to the bullish tailwinds in the token’s favor. Moreover, Ripple’s win against the SEC could have far-reaching consequences for the crypto community globally, especially in the current regulatory hostile environment.
