Cryptocurrency XRP: A Breakthrough Journey Facing Opportunities and Challenges!
On September 30, 2024, XRP, the sixth-ranked cryptocurrency by market capitalization, had a major breakthrough. The controversial cryptocurrency closed well above the $0.64 level on the Binance exchange on Sunday and is currently trading at $0.6518, up more than 6% in the past 24 hours. Its valuation reached $36.8 billion, and its market capitalization successfully climbed to the sixth place, surpassing Circle's USDC token.
This is undoubtedly a major victory for bulls who have been struggling to break through the $0.60 resistance level. XRP became one of the best-performing top 100 cryptocurrencies on Sunday and was the only major altcoin that could compete with a group of soaring meme coins.
However, XRP's upward journey was not smooth sailing. After the final verdict of the Ripple case in August, bulls briefly pushed the price up, but failed to stay above $0.60. Now, while XRP appears poised to outperform after a key weekly close, the U.S. Securities and Exchange Commission (SEC) could still present a roadblock for bulls.
Conclusion:
It is reported that the deadline for the SEC to appeal the Ripple case is set for October 6. There are rumors that the agency may challenge the summary judgment in July 2023. If the SEC ultimately appeals, it is likely to have a negative impact on XRP's price performance. Legal analyst Fred Rispoli said the appeal process will be quite lengthy and the ruling will not be overturned until at least 2026.
