XRP Price On The Rise: Can Legal Victories Trigger A 2024 Breakout?

XRP, the cryptocurrency associated with the payments platform Ripple, has endured a rollercoaster year. After a promising start that saw it reach a 2024 peak of over $0.7 in March, XRP slumped and has struggled to regain traction. Currently hovering at $0.476, a modest 0.47% increase for July, the bigger story lies in the surge of trading volume—a staggering 81.25% in the last 24 hours. This upswing in activity suggests a renewed interest in XRP among investors.

This optimism can be partially attributed to recent developments in the ongoing legal battle between the SEC and cryptocurrency exchange Binance. On June 28th, a significant victory for the crypto industry emerged. Judge Amy Berman Jackson dismissed parts of the SEC’s lawsuit against Binance, specifically those pertaining to the classification of its BNB token as a security. This decision echoes a similar ruling from July 2023 by Judge Analissa Torres, who determined XRP itself wasn’t a security. These legal victories, particularly Ripple Chief Legal Officer Stuart Alderoty’s emphasis on the SEC’s inconsistent arguments, have instilled confidence in XRP’s future, potentially fueling the recent price movement.

However, while the legal landscape seems encouraging, technical indicators paint a more nuanced picture. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) currently hint at a market where sellers might still hold some sway. This suggests the price increase may be temporary. For a sustained bullish phase, XRP needs to break through the resistance level of $0.52. Conversely, a drop below the support level of $0.45 could signal a return to bearish trends.

Adding another layer of intrigue is the recent prediction of an “alt season” by crypto experts. Bitcoin has already shattered its all-time high, and while further climbs are anticipated, many analysts believe the focus will shift towards altcoins like XRP. Some even predict that XRP will outperform Bitcoin as the 2024 bull run unfolds.

Only time will tell if XRP can capitalize on this renewed optimism and translate it into a significant price breakout. However, the legal victories, surging trading volume, and potential for an alt season paint an intriguing picture for XRP’s future.