The outcome of the Ripple case affects not only XRP but also many other altcoins. There are positive developments for investors. We have emphasized multiple times how critical this case is for weakening the SEC‘s position. So, what will be the price of XRP? Can XRP reach its all-time high (ATH) again?
Ripple Case and XRP
Ripple’s XRP price reached $0.938 on July 13, showing a significant increase and reaching the highest level of the year. This is the highest price reached since April 2022. The price is still finding buyers above the support level of $0.67. The recent rally was triggered around 9:00 PM after Judge Analisa Torres announced that Ripple’s token sales on public exchanges did not violate securities laws.
Those who remember the decision in the LBC Token case know that it opened the door for secondary market sales. In that case, the court ruled that sales on exchanges did not violate the law. This decision also removes token sales by the issuing company from the definition of securities. This is great news because most altcoins conducted their presales through exchanges, and the result of these two decisions tells us that the SEC’s position has weakened.
However, the same judge also stated that the company violated federal laws by selling XRP directly to investors. Therefore, the legal battle is not over yet, and Ripple may still face an unfavorable decision regarding approximately $729 million in sales. Ripple’s management has stated that they are prepared for any outcome, including possible fines. In conclusion, brighter days may be ahead for Ripple and XRP.
How Much Will XRP Coin Be Worth?
XRP has been trading below a declining resistance line since March 29. This line has caused numerous rejections, with the latest one being on June 22. However, on July 13, the XRP price broke the resistance line with a 100% increase, reaching $0.938, the highest level of the year. As mentioned above, the positive decision in the Ripple vs. SEC case, which was welcomed by the crypto community, helped facilitate this breakthrough, confirming the completion of the correction. It seems like the expected rise has begun.
The price then dropped a bit and is currently trading below the horizontal area of support at $0.87. In any case, the daily RSI supports the ongoing uptrend.
Similarly, the weekly view of XRP’s price shows an upward trend. The price broke out of a long-term declining resistance line that had been in place for 700 days. This supports the legitimacy of the breakout from the shorter-term daily timeframe. The price will need to decisively surpass the $0.87 resistance level and achieve a 250% increase to reach the ATH level.
So, what level can be expected in the medium term? If the resistance area is permanently breached, the last major resistance before ATH at $1.7 can be tested. As a result, if the price successfully closes above $0.87 on the weekly timeframe, a rapid increase in price will be possible. If positive news and sentiment continue to reign in and control sellers, reaching ATH in the medium term is not impossible.
However, there is an important issue. If the XRP price continues to linger below $0.87, investors are likely to see a drop as low as $0.55.
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