On the one-year anniversary of being declared not a security by the court in the ongoing Ripple and Securities Exchange Commission (SEC) case, XRP is experiencing bullish momentum.
This comes after extended correction and consolidation below the $0.60 mark.
Indeed, the cryptocurrency has regained the $0.50 support level, recording double-digit gains on the daily and weekly charts. Notably, XRP previously sparked concerns over its sustainability after losing the $0.50 support.
As of press time, XRP was trading at $0.53, having rallied over 16% in the last 24 hours. On the weekly chart, the token is up 20%.
XRP seven-day price chart. Source: Finbold
Next key XRP targets to watch
Based on the current price movement, crypto analyst Dark Defender suggested in an X post on July 13 that the bounce from the $0.3917 support level has reinforced investor confidence, setting the stage for ‘wild moves’ in the price of XRP.
According to the analysis, the next critical price target for XRP is $0.6649. The analyst noted that breaking through this resistance is crucial for XRP to continue its bullish trend.
The analysis suggested that holding above this level could see XRP reaching as high as $1.88, followed by $5.85, before a correction to $3.09. An extended rally could potentially push XRP towards $18.22.
“$0.3917 was waiting for about a year for XRP as the last support. Isn’t it precise XRP bounce exactly from here? Of course, it is. $0.6649 is still the KEY for wild moves towards targets,” the expert noted.
XRP price analysis chart. Source: Dark Defender
The expert also highlighted several Fibonacci retracement levels, indicating possible support and resistance points for XRP’s price action.
Impact of court ruling
It’s worth noting that on July 13, Judge Analisa Torres indicated the XRP Ledger’s native token’s security status in her ruling. She segregated XRP’s secondary market sales from institutional sales and noted that the former does not constitute a security.
In a recent development in the SEC vs. Binance lawsuit, Judge Amy Berman Jackson cited Judge Torres’ ruling as precedent, further cementing Ripple’s non-security status.
The ruling brought regulatory clarity to the industry, as cryptocurrencies have often operated in a gray area, with agencies struggling to classify and regulate them appropriately. Both parties are awaiting the conclusion of the case.
Indeed, a ruling in favor of Ripple could bolster XRP’s chances of sustained gains.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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