Ripple-backed cryptocurrency XRP experienced a significant spike in daily trading volume, rising by over 114 percent to reach approximately $1.572 billion. This surge occurred in tandem with the positive outcome of the Grayscale Investments versus SEC lawsuit, which served as a game-changing event for XRP. The digital asset’s price, as reported by TradingView, hovered around 53 cents, but following the court’s ruling, it increased by over 5 percent to reach a 24-hour high of approximately 54 cents.
The news of the SEC’s loss in the court of appeals provided an additional boost to the XRP community, as it represents a victory against regulatory encroachment. However, it is important to note that the SEC may still appeal to the Supreme Court. Currently, an interlocutory appeal filed by the SEC awaits a decision from District Judge Analisa Torres. Despite the possibility of further legal battles, the latest court ruling is seen as a positive development by the XRP and Ripple community.
To celebrate this monumental win, the Ripple community is planning a gathering in New York City on September 29th. Additionally, several cryptocurrency exchanges that had delisted XRP due to the SEC lawsuit have already relisted the digital asset.
From a technical standpoint, XRP’s price is poised to continue its upward trajectory. The digital asset has been on an overall bullish trend since the start of the year, and after rebounding from a crucial support level of around 51 cents, it is expected to rally in the coming weeks and potentially reach a new high for the year.
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Analyzing the 1-hour timeframe, XRP’s price is supported by the 50 and 200 Moving Averages (MA). If the bulls regain control, the digital asset could rally towards the next resistance zone at around 58 cents. On the other hand, if the correction continues, experts believe XRP may find major support at around 46 cents.
Furthermore, XRP has been trading within a symmetrical triangle pattern on the weekly and monthly time frames since its all-time high of around $3.4 in early 2018. Cryptocurrency analysts predict that XRP will likely trade above $1 and potentially reach $1.3, which represents the upper border of the symmetrical triangle.
In terms of the fundamental market outlook, XRP’s future growth prospects largely depend on the adoption of Ripple’s payment products, particularly On-Demand Liquidity (ODL). Additionally, the XRP Ledger (XRPL) has expanded its functionalities to accommodate smart contracts, enabling the development of non-fungible tokens (NFTs) and stablecoins. As a globally traded digital asset, XRP is expected to be among the top cryptocurrencies adopted by mainstream users.
It is worth noting that Crypto News Flash does not endorse any specific content mentioned in this article. Readers are advised to conduct their own research and exercise caution before making any investment decisions related to cryptocurrencies.
