XRP Hits 16-Month High After Legal Win and 23% Surge
- Ripple’s XRP reached a 16-month high of $0.8452, the highest since early July 2023.
- Ripple secured a major legal win, allowing progress toward final judgment and halting class claims.
XRP has finally joined the crypto bull market, hitting a nearly 16-month high of $0.8452, a level last seen in early July 2023. Over the past 24 hours, XRP surged by over 23%, rising from an intraday low of $0.6866.
While major cryptocurrencies like Bitcoin benefited from Donald Trump’s recent US presidential victory, XRP was relatively muted. However, today the altcoin defies expectations and breaks the prolonged bearish trend .
The rally comes amid key developments fueling investor optimism. Firstly, Ripple Labs and CEO Brad Garlinghouse recently scored a major legal victory as a US court ruled in their favor, allowing Ripple to move with the final judgment and placing a hold on class claims. This ruling is seen as a crucial moment in the ongoing legal battle, offering Ripple a path to victory.
Adding to the excitement, 18 US states have sued the SEC , alleging unconstitutional overreach under Chairman Gary Gensler. This has raised speculation that Ripple may win its case against the SEC, further fueling optimism in the market. As a result, XRP’s price has surged by over 47% in the past week, with many expecting it to reach a new all-time high soon.
XRP Price Faces Mixed Signals
In the XRP/USDT 4-hour chart, the cryptocurrency shows a “golden cross,” as the short-term 50-day MA crosses above a long-term 200-day MA, often seen as a bullish indicator. Despite some bearish signals, this reversal in momentum is seen as a positive sign for XRP , with the price soaring over 50% in a month.
However, XRP’s Chaikin Money Flow (CMF) at 0.24 signals moderate buying pressure, supporting its recent price surge. At the time of writing, XRP traded at $0.8102 with a market cap of $46.23 billion. Additionally, the daily trading volume of the altcoin climbed over 72% to $11.14 billion.
XRP is now expected to trade between $0.51 and $1 in the coming days. If its legal situation progresses favorably, it could climb even higher.
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