Ripple Secures Victory in Legal Battle with SEC, XRP Price Poised for 20% Surge
Ripple surged above a significant psychological barrier at $0.6000 early in the day, while Bitcoin and Ethereum faced challenges at crucial support levels. The Securities & Exchange Commission (SEC) lawsuit concluded with a significant reduction in the fine imposed on Ripple, dropping from an initial $2 billion to $125 million, marking a favorable outcome for the company. XRP retail investors acquired over 10 million tokens that were offloaded by large holders during the price rally on August 7. There is potential for XRP to further increase by more than 20% and reach the high of $0.7500 from November 2023.
The legal dispute between Ripple and the SEC came to a close on August 7 with Judge Analisa Torres delivering a verdict in the lawsuit. The ruling highlighted Ripple’s breach of federal securities laws and the sale of XRP to institutional investors, resulting in a $125 million penalty for the payment remittance firm. The judgment upheld a previous ruling from July 2023, which clarified XRP as a “non-security” in secondary market transactions.
Ripple recently unveiled several positive developments and updates. The company disclosed information about its stablecoin, emphasizing that access is subject to regulatory approval. Ripple also invited security researchers to identify potential vulnerabilities in its codebase and participate in the RippleX Bug Bounty Program. Previously, the firm awarded $1 million in bounties as part of the initiative and committed $10 million to an investment in tokenized US Treasury Bills on the XRP Ledger.
These positive developments, coupled with the lawsuit resolution, propelled XRP to rally above $0.60, a significant psychological threshold for the asset. XRP’s market capitalization now exceeds $34.37 billion, positioning it as the seventh-largest cryptocurrency based on CoinGecko data. Analysis of on-chain data revealed that while whales disposed of XRP for profits, retail investors accumulated the asset over the past few days.
The momentum for XRP indicates a potential 20% surge, with resistance levels at $0.6602 and $0.7000. The Relative Strength Index (RSI) currently stands at 59.14, above the neutral zone. Support levels for XRP are anticipated at the Fair Value Gap (FVG) between $0.5188 and $0.5785, followed by the $0.4573 mark, which has served as a support level for several months.
In other market updates, Franklin Templeton’s OnChain US Government Money Fund is now accessible on Arbitrum, while over $450 million from the Plustoken Ponzi scheme has been transferred. Binance reported securing over $73 million in stolen user funds from external sources in 2024, surpassing the recovery efforts of the previous year. PeckShield data highlighted a wallet linked to the $200 million Nomad Bridge hack, transferring Ether to the Tornado Cash crypto mixing service. BingX exchange integrated Apple Pay and Google Pay to enhance fiat trading, and bankrupt crypto exchange FTX, along with Alameda Research, will compensate creditors with $12.7 billion following a New York judge’s approval.
