Ripple’s Legal Saga Ends Pushing XRP Price Higher, this Cheap Ethereum Token is Closely Following
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Ripple (XRP) holders are preparing for exciting times for the XRP token as Ripple’s legal dispute with the SEC comes. With excitement building, many investors believe a new Ethereum token could follow suit.
This move suggests that investors are seeking other tokens with huge growth opportunities in the face of Ripple’s surge. Let’s examine expert opinions and explore the factors driving this shift.
Court Rules In Favour of Ripple In Protracted SEC Lawsuit
According to reports, Ripple Labs was ordered by a federal judge on August 7, 2024, to pay a civil penalty of just over $125 million. This decision marks a setback for the SEC, which had initially sought a penalty close to $2 billion, while Ripple had argued for a much lower fine of $10 million.
Following the announcement of the fine, the XRP price, which Ripple utilizes in various products and services, surged by nearly 30% from the day’s low, reaching a high of $0.64. This XRP price spike came after months of intensified trading, particularly in South Korea, driven by anticipation of the SEC case’s conclusion.
The Moving Average Convergence Divergence (MACD), a momentum indicator, shows bullish momentum for Ripple’s token. The green histogram bars are above the neutral line, and the MACD has crossed above the signal line, indicating a bullish outlook for Ripple.
The Relative Strength Index (RSI) is at 51.46, having crossed below the neutral line, further supporting the bullish sentiment for the asset. If Ripple rises above $0.67, the next target is the $0.73 mark.
