XRP Price Surges 7% as Former CFTC Chair Predicts SEC Lawsuit Drop
XRP has made a strong comeback, rallying 7% after finding solid support in the $1.25-$1.30 range. This performance is setting XRP apart from other major cryptocurrencies and hinting at future growth. Currently, XRP is up over seven percent in the past 24 hours and is trading close to $1.45.
Despite this positive trend, experts caution that XRP is still consolidating. The critical resistance level to watch is $1.50, and breaking above this level may prove challenging without sustained momentum. The outlook for XRP suggests it will likely remain within its current range, with the potential for an upside towards $1.70-$1.75 if bullish momentum continues.
In other developments, Ripple has rebranded its XRP ETP in partnership with Bitwise, now known as the Bitwise Physical XRP product. This move is significant for Ripple and XRP as the companies pursue XRP ETF filings.
Regarding the Ripple vs. SEC update, Gary Gensler’s departure has created speculation about the case’s outcome. The SEC is set to present its final arguments by January 15, 2025. Ripple’s cross-appeal aims to establish XRP as a non-security. Former CFTC Chairman Giancarlo suggests that the new administration may drop the SEC’s case against Ripple, citing favorable court rulings and shifting leadership.
With Ripple’s legal position improving, XRP could soon fully engage in the current bull market, especially if there are changes in SEC leadership and more favorable regulatory conditions for cryptocurrencies.
