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The X user WhaleWire speculated in an X post earlier today that the price of Ripple (XRP) can only go up in the long term. This is after Judge Torres rejected the SEC’s final motion to appeal the Ripple case, leading to XRP’s price pumping more than 7%, according to the post.
XRP has pumped over 7% after Judge Torres rejected the SEC’s final motion to appeal the Ripple case. It’s over for SEC.
— WhaleWire (@WhaleWire) October 4, 2023
As we all know by now, the SEC disagrees with the justice system and thinks they’re above the law. This has resulted in the trust of this agency to drop to…
WhaleWire mentioned in their post that “the SEC disagrees with the justice system and thinks they’re above the law.” As a result, the X user believes that trust in the agency has dropped to all-time lows. Subsequently, WhaleWire speculated that the remittance token’s price could rise in the long term despite “temporary uncertainties from investors.”
At press time, CoinMarketCap data indicated that the altcoin’s price had pulled back slightly from its latest pump. Nevertheless, XRP was still up 4.06% over the past 24 hours. This positive daily performance also pushed the cryptocurrency’s weekly performance deeper into the green zone. Subsequently, XRP was changing hands at $0.5302.
XRP’s 24-hour gain comes at a time when the majority of the cryptocurrency market recorded losses. As per CoinMarketCap data, the global cryptocurrency market cap dropped 0.89% throughout the past day of trading. Consequently, the market’s valuation was estimated to be around $1.08 trillion.
Bitcoin SV (BSV) and Curve DAO Token (CRV) were among the numerous cryptocurrencies outperformed by the remittance token in the last 24 hours. During this period, BSV dropped more than 10%, dragging the altcoin’s price down to $36.69 at press time. Similarly, CRV’s price slipped 1.76% as well. Consequently, CRV was valued at $0.4845.
From a technical perspective, XRP was able to overcome the key threshold at $0.5165 during the past 2 days of trading. Furthermore, it continued to trade above this significant price point at press time. Therefore, the altcoin’s price could continue to rise to the next barrier at $0.5670 in the coming few days if the bullish pressure persists.
This bullish thesis will be invalidated if the cryptocurrency closes a daily candle below the recently-breached $0.5165 level within the coming 24-48 hours. In this more bearish scenario, XRP could drop to the subsequent support level at $0.4585 through the course of the following week.
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