finbold.com
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%.
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.
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.
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