An XRP surge is probable as Ripple's token's legal clarity has been upheld in the SEC appeal
On Friday, XRP traders made a little over 1% gain, trading at $0.55.
The SEC's decision in the Ripple litigation has been made public and does not cast doubt on the legitimacy of the cryptocurrency.
XRP is not being considered a security in the SEC appeal, despite the fact that it was declared a non-security in the July 2023 verdict in the SEC vs. Ripple litigation.
As investors consider the latest news surrounding the SEC's appeal of the final litigation verdict, Ripple rose on Friday. Judge Analisa Torres fined Ripple $125 million in August 2024 for selling XRP to institutions, although she upheld the altcoin's non-security status in transactions based on exchanges.
On Friday, the appeal papers from the US SEC's protest of the Ripple case were made public, showing that the agency has challenged the final verdict.
The SEC has not provided any comments about the legal clarity of XRP, the native coin of the XRP Ledger, according to documents.
According to Judge Torres' order in July 2023, the XRP token is not considered a security when used in transactions on exchange
After taking in the latest news from the case, XRP traders could only feel relief: the altcoin's legal status remains unchanged, which bodes well for the possibility of XRP ETF clearance in the US.
Per our technical analysis, XRP has the potential to rise by 10%
After XRP reversed its downward trend on August 9, 2024, the cryptocurrency remained in a range ever since. At $0.60, a psychologically significant milestone for the coin, XRP might see a 10% increase and encounter resistance.
With a reading of 47.41, the RSI is below the 50-point mark. The underlying upward momentum in the XRP price trend is shown by the flashing green histogram bars above the neutral line of the Moving Average Convergence Divergence (MACD) indicator.
In the event of a market decline, XRP may find support around either the $0.5319 low from August 5 or the $0.3843 low from July 5.
