[As Ripple celebrates the first anniversary of SEC, XRP price rises 20%]
The rally comes amid nostalgia for a landmark decision in the cryptocurrency industry.
XRP prices surged on July 13, marking the one-year anniversary of Ripple’s victory in a lawsuit against the U.S. Securities and Exchange Commission (SEC). On this day in 2023, the court ruled that XRP itself was not a security, bringing an end to the litigation that began in December 2020. Ripple’s victory also led to the relisting of XRP on several top cryptocurrency exchanges such as Coinbase and Kraken.
XRP holders celebrated the one-year anniversary of the ruling by increasing buying pressure, causing the price to rise. However, despite this important ruling, XRP still lacks demand among investors. Institutional investors, in particular, have been staying away from Ripple tokens.
According to a CoinShares report, institutional investors have chosen other coins over XRP. Inflows to Solana, Litecoin, and Polkadot since the beginning of the year are significantly higher than XRP’s $18 million, showing that institutional investors’ interest in XRP is waning.
XRP price reached a high of $0.566 during the day, rising nearly 20% before retreating back to a 12% gain. Currently, the altcoin is trading at $0.534, which is good news on many fronts.
Ripple’s native token is currently trading above the 23.6% Fibonacci retracement level. This level is also known as a bear market support floor and may provide support for XRP’s continued recovery.
However, if the sudden increase leads to profit-taking, a pullback is possible. A loss of the 23.6% Fib line would take the altcoin back to a consolidation zone below $0.51, invalidating bullish expectations.
