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XRP targets $1 after massive price surge

XRP targets $1 after massive price surge

After Judge Analisa Torres delivered a monumental decision for the entire cryptocurrency market, in which she ruled that XRP was not a security and that its issuance and ensuing sales by blockchain company Ripple did not constitute securities sales, the XRP token has recorded a remarkable price surge.

As it happens, in the days following the favorable outcome that concluded the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, the cryptocurrency at its center – XRP – surpassed the critical $0.80 mark several times, as per the data on July 19.

Specifically, the initial surge, which saw XRP skyrocket from $0.475 to $0.8714 or more than 83% in a matter of hours, took place immediately after the ruling, sparking some crypto analysts to predict it could hit the price level of as much as $6 by the end of this year.

XRP 7-day price chart. Source: Finbold

At the same time, XRP has witnessed an inflow of $16.45 billion to its market capitalization in the last seven days, as it increased from $24.90 billion on July 12 to the current $41.41 billion, indicating an upsurge of nearly 66%, the majority of which happened in the hours after the Ripple v. SEC ruling, according to the recent CoinMarketCap data.

XRP 7-day market cap chart. Source: CoinMarketCap

XRP price analysis

Meanwhile, the most recent surge above $0.80 occurred in the last 24 hours before XRP consolidated at its current price of $0.7851. That said, this still indicates an increase of 4.90% in the last 24 hours, adding up to the 65.13% gain across the previous week and an advance of 59.44% over the month.

XRP 24-hour price chart. Source: Finbold

All things considered, if XRP continues to ride on the bullish wave sparked by the favorable ruling in the SEC lawsuit, it has a chance of overtaking the coveted $1 price mark, perhaps even breaking its all-time high (ATH) of $3.40 from January 2018.

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