XRP reclaims $0.5 support as analyst identifies next key price target for ‘wild moves’
On the one-year anniversary of being declared not a security by the court in the ongoing Ripple and Securities Exchange Commission (SEC) case, XRP is experiencing bullish momentum.
This comes after extended correction and consolidation below the $0.60 mark.
Indeed, the cryptocurrency has regained the $0.50 support level, recording double-digit gains on the daily and weekly charts. Notably, XRP previously sparked concerns over its sustainability after losing the $0.50 support.
As of press time, XRP was trading at $0.53, having rallied over 16% in the last 24 hours. On the weekly chart, the token is up 20%.
Next key XRP targets to watch:-
Based on the current price movement, crypto analyst Dark Defender suggested in an X post on July 13 that the bounce from the $0.3917 support level has reinforced investor confidence, setting the stage for ‘wild moves’ in the price of XRP.
According to the analysis, the next critical price target for XRP is $0.6649. The analyst noted that breaking through this resistance is crucial for XRP to continue its bullish trend.
The analysis suggested that holding above this level could see XRP reaching as high as $1.88, followed by $5.85, before a correction to $3.09. An extended rally could potentially push XRP towards $18.22.
Impact of court ruling
It’s worth noting that on July 13, Judge Analisa Torres indicated the XRP Ledger’s native token’s security status in her ruling. She segregated XRP’s secondary market sales from institutional sales and noted that the former does not constitute a security.
In a recent development in the SEC vs. Binance lawsuit, Judge Amy Berman Jackson cited Judge Torres’ ruling as precedent, further cementing Ripple’s non-security status.
The ruling brought regulatory clarity to the industry, as cryptocurrencies have often operated in a gray area, with agencies struggling to classify and regulate them appropriately.
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