Is It Too Late to Buy XRP? Ripple Price Surges 19% Following Lawsuit Conclusion
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The XRP price has surged 19% in the last 24 hours to trade at $0.6174 as of 5:38 a.m. EST on a 279% surge in trading volume to $5.6 billion, pushing the market cap to $34 billion. The price jump comes after a New York federal judge advanced towards concluding a three-year securities lawsuit against Ripple Labs. The firm’s executives have hailed this development as a “victory” for the industry.
On August 7, the judge ordered Ripple Labs to pay a $125 million civil penalty and issued a “permanent restraint and injunction” against violating U.S. securities laws as part of the case filed by the Securities and Exchange Commission.
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The SEC wanted $2 Billion
They will get $125 million and they can no longer come at @Ripple or #XRP for securities law
Word on the street is @GaryGensler is acting like this was a victory
— Ripple Van Winkle | Crypto Researcher 🚀🚨 (@RipBullWinkle) August 7, 2024
Ripple Labs CEO Brad Garlinghouse expressed on X shortly after the ruling, saying that this was a win for Ripple, the industry, and the rule of law. The SEC’s opposition to the entire XRP community has been removed.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
On the hand Ripple Labs co-founder Chris Larsen also commented on X: saying that the SEC’s relentless campaign against Ripple is finally over.
Meanwhile, other crypto commentators were equally focused on XRP’s price movement in response to the decision, as some said that XRP is set to soar. No more holding it back and no more price suppression! The lawsuit is over.
XRP Price Statistics
- XRP price: $0.6174
- Market cap: $34 billion
- Trading volume: $5 billion
- Circulating supply: 55 billion
- Total supply: 99 billion
XRP Price Bulls Strive and Manage to Get out of the Bearish Channel
The XRP price has experienced significant pressure, with bears almost pushing the price down to the support level of $0.4230. However, as the price reached this support zone, the bulls took charge, driving it back up to the upper trendline of the bearish channel. This movement signals a possible bullish reversal, indicating that the market might be transitioning from a bearish to a bullish trend, even though the bears are still attempting to regain control.
The daily chart indicates a strong bullish crossover, with the market currently trading above the 50-day and 200-day simple moving averages (SMA), which are providing solid support. If the bulls drive the price higher and create a significant gap above these SMAs, they will confirm the overall bullish trend.
The Relative Strength Index (RSI) also supports the bullish sentiment. It has moved above the 50 midline, signaling a shift from bearish to bullish conditions. The RSI is now approaching the 70 overbought level, suggesting rising buying pressure. If it surpasses 70, it typically indicates strong bullish momentum and would signal that buyers are strongly in control.
Additionally, the moving average supports a bullish outlook, as the blue line is rising and trying to cross above the orange signal line, which is declining. The red histogram bars are shrinking in size and fading in color, reflecting increasing bullish strength. This further suggests an imminent bull rally and a significant bullish crossover, reinforcing the positive market sentiment.
XRP Price Prediction
The bulls are on track to recover losses in XRP, having recently broken through the upper trendline of the bearish channel. If the upward momentum continues, the target price could reach $0.7015. Conversely, if the market faces resistance from the bears, the target price might drop to $0.3913. This would undermine the bullish outlook and indicate a potential downward trend.
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