Riding a ten-day wave, Ripple’s XRP token surged nearly 7% on Wednesday, reaching its highest level in 99 days at $0.6333. This bullish trend comes amidst speculation surrounding the ongoing SEC lawsuit against Ripple.
The positive momentum follows the one-year anniversary of Judge Analisa Torres’ ruling on July 13th, 2023. The ruling deemed secondary market sales of XRP as “non-security,” a significant victory for Ripple.
Adding fuel to the fire, attorney Fred Rispoli recently predicted the lawsuit’s resolution by July 31st, 2024. This has ignited settlement rumors on social media, particularly on platform X, with XRP holders eagerly awaiting the outcome.
Further fueling optimism, Ripple released 150 million coin tokens to a wallet tagged “Ripple 1” earlier in July. This wallet is typically used for asset movement before transfers to crypto exchanges. Despite initial selling pressure, the market swiftly absorbed the tokens, allowing XRP to continue its upward climb.
However, not everyone shares the bullish sentiment. Retired securities lawyer Marc Fagel believes Ripple violated federal law, sparking a debate on social media platform X. Crypto analyst Mr. Huber challenged Fagel’s stance, questioning the SEC’s approach to Ripple’s post-complaint contracts.
Technically, XRP’s uptrend is evident on the XRP/USDT daily chart, with higher highs and higher lows established since July 8th. The MACD indicator supports this positive momentum, potentially propelling XRP toward its 2024 peak of $0.7440.
While support levels exist at $0.6058 and $0.5632, the lawsuit’s resolution remains the key factor influencing XRP’s future trajectory. A definitive settlement or a favorable ruling could see XRP revisit its 2024 highs, while an unfavorable outcome could trigger a correction.
