XRP has undergone a remarkable price upsurge, surging to more than $0.80 and witnessing an impressive 77% increase over the past seven days in trading activity. This surge was predominantly triggered by Ripple’s partial victory against the United States Securities and Exchange Commission.
In the court ruling, a judge acknowledged that Ripple’s institutional sales could be considered securities. However, it’s important to note that not all other sales were classified similarly. This ruling is widely perceived as a significant victory for Ripple Labs and its digital token.
Currently, XRP is edging closer to a crucial resistance level at $0.85, signaling a solid buying pressure prevailing in the market. This optimistic trend bodes well for Ripple’s medium-term prospects, suggesting favorable times for the digital token.
XRP Price Surge And Market Cap Inflow Post-Ripple Vs. SEC
Data from crypto market tracker CoinMarketCap shows that XRP is trading at $0.8368, with an impressive 5% increase observed within the last 24 hours. Over the past seven days, the crypto has experienced a substantial surge of a little over 77%.
XRP flashing green in all timeframes. Source: CoinMarketCap
This remarkable growth has coincided with an inflow of more than $16 billion to XRP’s market capitalization. Notably, the market cap has risen from $25 billion on July 12 to its current value of $44 billion, with a significant portion of this increase occurring shortly after the outcome of the Ripple-SEC court case.
Despite the remarkable surge, XRP faces a formidable resistance zone at $0.85. This region is characterized by high selling pressure and increased supply, making it challenging for the digital currency to breach this level.
Nevertheless, the market sentiment among traders remains bullish, which enhances the probability of XRP breaking through the resistance region.
XRP market cap currently at $44 billion. Chart: TradingView.com
XRP To Break $1 Threshold?
It is essential to exercise caution and consider historical patterns when analyzing price movements. Typically, after significant upward trends, crypto assets tend to undergo a consolidation or correction phase, and XRP is no exception.
Therefore, it is likely that the price will enter a short-term correction phase, accompanied by higher volatility and pullback periods, before the next notable upward movement occurs.
XRP seven-day price action. Source: CoinMarketCap
Considering the bullish momentum fueled by the positive outcome in the SEC lawsuit, XRP has a promising opportunity to surpass the highly anticipated $1 price threshold.
The favorable court ruling and the subsequent surge in price and market capitalization have significantly boosted confidence among investors and traders. If this momentum continues, it could lead to further gains for XRP in the coming days or weeks.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Visit Idaho