XRP has experienced a bullish momentum after its parent company, Ripple, won the high-profile case against the United States Securities and Exchange Commission (SEC), resulting in the token being declared not a security.
Following the ruling, attention has shifted to how the partial regulatory clarity can influence the future price movement of XRP. At the moment, speculation has turned on how far XRP can surge after the case that acted as an overhang regarding the token’s valuation.
In this scenario, crypto trading analyst Michaël van de Poppe tweeted on July 14, suggesting that XRP could potentially make a ‘mega move’ if it surpasses key price ranges. The analyst expressed interest in monitoring the price range between $0.65 and $0.69.
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“Mega move, for scalps I’d be interested in the ranges of $0.65-0.69 on this one. If that sweeps happens, probably we’ll have a new leg up after,” he said.
Impact of SEC case
It is worth noting that XRP is experiencing a slight correction after its value skyrocketed following the court ruling. The cryptocurrency reached a multi-month high of $0.93, recording gains of nearly 90% within 24 hours.
This surge allowed Ripple to outperform established cryptocurrencies in various metrics. For instance, the trading volume of XRP on the South Korean crypto exchange Upbit surpassed that of Bitcoin (BTC) at one point, reaching $2.6 billion within 24 hours.
Despite these recent developments, the legal saga surrounding XRP is far from over, as the presiding judge ruled that the company had violated federal law by directly selling XRP to investors. Similarly, as reported by Finbold, pro-XRP lawyer Bill Morgan also expressed concerns regarding parts of the judgment.
XRP price analysis
At the time of writing, XRP was trading at $0.73, experiencing a decline of almost 8% in the past 24 hours. However, over the last seven days, XRP has rallied over 55%.
From a technical analysis perspective, XRP is currently dominated by bullish sentiment. A summary of one-day gains obtained from TradingView indicates a ‘buy’ option at 15, while the moving averages suggest a ‘strong buy’ at 13. The oscillators remain neutral at 8.
Currently, XRP is facing significant resistance levels, with the $1 mark standing out as a potential milestone to watch for. However, despite the bullish sentiment surrounding XRP, failure to close above the current $0.75 resistance area could result in a notable retracement.
Nevertheless, the trajectory of the token toward this level depends on other factors, such as general market movement.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
