A Judge’s Ruling in the Ripple vs. SEC Lawsuit Boosts XRP and Spurs Relisting on Major Exchanges.
XRP, the fourth-largest cryptocurrency, experienced a remarkable price surge in the crypto market on Thursday and Friday. This surge was fueled by the groundbreaking ruling by Judge Analisa Torres in the Ripple vs. SEC lawsuit, which declared that XRP is not a security. While the lawsuit failed to provide a definitive definition of what constitutes a cryptocurrency, it managed to spare Ripple from the burdensome security classification.
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On July 14, the XRP price experienced a minor setback, dropping by approximately 10% to $0.77. However, when compared to the previous day’s lowest price, it still boasted a remarkable 65% increase.
During the past 24 hours, the XRP/USD pair reached its peak at $0.93, marking its highest level since December 2021. The price fell just short of breaching the $1 threshold.
Coinbase and Kraken, two prominent cryptocurrency exchanges, made an exciting announcement regarding Ripple.
XRP’s Potential Targets Revealed After Regulatory Win
After enduring regulatory pressures for over two years, XRP holders can finally celebrate as Judge Torres ruled that Ripple is not considered a security under certain circumstances, particularly when traded on third-party platforms like cryptocurrency exchanges.
Bernstein, a crypto broker, provided an analysis of the lawsuit’s outcome, stating that it would remove the “securities overhang on tokens sold on exchanges.” The landmark ruling is seen as a significant relief for all tokens traded on secondary platforms.
According to Bernstein analysts, applying the well-known Howey test to crypto assets traded on exchanges is not straightforward. They argued that the “context of the transaction matters” and that the SEC’s stance, which claims that no separate clarity is needed for digital assets, is weakened by the contextual interpretation required in each case.
Various exchanges and digital asset entities that previously delisted Ripple due to regulatory scrutiny, including Coinbase, Kraken, and Bitstamp, declared their intention to reinstate support for Ripple’s token on Thursday. Gemini, a major U.S.-based crypto exchange founded by the Winklevoss twins, is also contemplating the possibility of reintroducing XRP.
The 50-week EMA and 200-week EMA, which serve as price objectives for the token, are both located close to $0.48 and $0.50, respectively. On the other side, if the price of XRP spikes too high, a phase of consolidation between $0.75 and $1 is anticipated.
However, if XRP decisively surpasses the $1 mark, analysts predict that its next price target by September could be approximately $1.35, a resistance level observed during the August to December 2021 session.