Ripple wins against SEC – XRP course before the all-time high?
Ripple did it: In a historic ruling, the court ruled in favor of Ripple, marking a turning point in the protracted dispute with the SEC. This could be the start of a massive surge in XRP price. In the first few hours after the verdict was announced, the XRP price rose sharply and temporarily doubled its price.
XRP not a security: the price of the XRP coin doubles
The SEC case against Ripple Labs – the company behind the cryptocurrency XRP – was a very significant legal battle in the crypto world. The US Securities and Exchange Commission sued Ripple Labs in December 2020, alleging that the company had sold unregistered securities by selling XRP. Ripple Labs denied these allegations, arguing that XRP is a currency and not a security. After a long and intense argument, the court has now ruled in favor of Ripple Labs, marking a significant victory for the company and the cryptocurrency XRP.
As expected, investors responded positively to the verdict. With the regulatory uncertainty removed, we could see an influx of investors willing to invest in XRP. This could mark the beginning of a new era for XRP and the entire crypto industry.
Within the first half hour after the verdict was announced, the XRP price had risen from around USD 0.47 to USD 0.60. A few hours later, XRP was even trading at $0.87.
Current technical chart analysis for the price of the XRP coin
In the meantime, the euphoria has subsided somewhat, but with a price of 0.79 US dollars and a resulting market capitalization of around 41 billion US dollars, XRP is currently the fourth most valuable cryptocurrency in the world.
In such cases, applying Fibonacci retracements can be very helpful. Fibonacci retracements are a popular tool among technical traders. They are based on certain mathematical relationships derived from the Fibonacci number series and are used to identify potential support and resistance levels. These levels can help traders determine strategic points for transactions. In our case, the Fibonacci levels for XRP are: the 0.382 level at $0.75, the 0.5 level at $0.68, and the 0.618 level at $0.64 -Dollar.
Given the win over the SEC, further gains could be possible, but due to the current attention and hype, pullbacks are more likely, with stabilization at current levels at best.
Conclusion and forecast for the further price development of Ripple
The recent court decision is a major victory for Ripple and could pave the way for another massive rise in XRP price. The momentum is currently clearly in favor of XRP. For a long-term price development, however, many other factors must be taken into account. At least the crypto market should have recovered from the constant attacks by the US Securities and Exchange Commission (SEC).