XRP has undergone a remarkable price increase, rising above $0.80 and witnessing an impressive increase 77% increase during the past seven days in trading activity. This increase was mainly driven by Ripple’s partial victory against the US Securities and Exchange Commission.
In the court ruling, a judge recognized that Ripple’s institutional sales can be considered securities. However, it’s important to note that not all other sales were classified in the same way. This ruling is widely seen as a major win for Ripple Labs and its digital token.
Currently, XRP is closing in on a crucial resistance level of $0.85, indicating solid buying pressure in the market. This bullish trend bodes well for Ripple’s mid-term outlook, pointing to favorable times for the digital token.
XRP Price Rise and Market Cap Inflow After Ripple Vs. SEC
Crypto market tracker data CoinMarketCap shows that XRP is trading at $0.8368, with an impressive 5% increase in the last 24 hours. In the past seven days, the crypto has experienced a significant increase of just over 77%.
XRP flashing green in all timeframes. Source: CoinMarketCap
This remarkable growth coincided with an inflow of more than $16 billion in XRP’s market cap. Notably, its market cap has increased from $25 billion on July 12 to its current value of $44 billion, with a significant portion of this increase occurring shortly after the outcome of the Ripple-SEC lawsuit.
Despite the notable increase, XRP faces a formidable resistance zone at $0.85. This region is characterized by high selling pressure and increased supply, making it challenging for the digital currency to break through this level.
Nevertheless, market sentiment among traders remains upbeat, increasing the likelihood of XRP breaching the resistance area.
XRP market cap currently at $44 billion. Chart: TradingView.com
XRP to Break the $1 Threshold?
It is essential to exercise caution and consider historical patterns when analyzing price movements. Typically, crypto assets go through a consolidation or correction phase after significant upside trends, and XRP is no exception.
Therefore, it is likely that the price will enter a short-term correction phase, accompanied by higher volatility and pullback periods, before the next notable upward move.
XRP seven-day price action. Source: CoinMarketCap
Given the bullish momentum fueled by the positive outcome in the SEC lawsuit, XRP has a promising opportunity to achieve the long-awaited $1 price threshold.
The court’s favorable ruling and the subsequent increase in price and market capitalization have significantly boosted investor and trader confidence. If this momentum continues, it could lead to further gains for XRP in the coming days or weeks.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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