XRP has experienced a bullish boost behind its parent company, Vibe, cattle the high-profile case against the United States Securities and Exchange Commission (SECOND), which causes the token to not be declared a value.
Following the ruling, attention turned to how partial regulatory clarity may influence future XRP price movement. At the moment, speculation has focused on how far XRP can rise after the case that it acted as a glut regarding the token's valuation.
In this stage, crypto trading analyst Michael van de Poppe tweeted on July 14, suggesting that XRP could make a 'mega move' if it breaches key price ranges. The analyst expressed interest in monitoring the price range between $0.65 and $0.69.
โMega move, for scalps I would be interested in the $0.65-0.69 ranges in this case. If that happens, we'll probably have a new lead afterwards,โ she said.
Impact of the SEC case
It is worth noting that XRP is undergoing a slight correction after its value soared following the court ruling. The cryptocurrency hit a multi-month high of $0.93, posting gains of almost 90% in 24 hours.
This surge allowed Ripple to outperform the established CRYPTOCURRENCIES in various metrics. For example, the trading volume of XRP on the South Korean cryptocurrency exchange Upbit surpassed that of Bitcoin (BTC) at one point, reaching $2.6 billion in 24 hours.
Despite these recent developments, the legal saga surrounding XRP is far from over, as the presiding judge ruled that the company had violated federal law by directly selling XRP to investors. Similarly, as reported Per Finbold, pro-XRP lawyer Bill Morgan also raised concerns regarding parts of the ruling.
XRP Price Analysis
At the time of writing, XRP was trading at $0.73, seeing a drop of almost 8% in the last 24 hours. However, in the last seven days, XRP is up more than 55%.
from a technical analysis perspective, XRP is currently dominated by bullish sentiment. A summary of one day's earnings earned from TradingView indicates a 'buy' option at 15, while the moving averages suggest a 'strong buy' at 13. Oscillators remain neutral at 8.
XRP is currently facing significant resistance levels, with the $1 mark standing out as a potential milestone to watch out for. However, despite the bullish sentiment surrounding XRP, failure to close above the current $0.75 resistance area could result in a notable pullback.
However, the path of the token towards this level depends on other factors, such as the general movement of the market.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. By investing, your capital is at risk.
