• XRP price skyrocketed 67% in a single day after the Ripple-SEC lawsuit ended in favor of the firm.
• The Southern District Court New York ruled that XRP is not a security, resulting in exchanges exploring the relisting of the token.
• Profit booking and overbought RSI signals might result in short-term corrections, but investors are confident about an upcoming rally.
XRP Price Rockets After Win Against SEC
XRP price rocketed 67% to reach a new 19-month high on July 13, following Ripple’s win against the United States Securities and Exchange Commission (SEC). The Southern district court New York district delivered a ruling today stating that XRP does not qualify as a security. This resulted in aggressive buying of the token and pushed its price to its highest level since December 2021.
Exchanges Explore Relisting Of XRP
The judgment clarified that XRP was not a security, meaning exchanges were now considering relisting it. Crypto exchange Gemini was the first to announce that it was “exploring the listing of XRP for both spot and derivatives trading.” It seems likely that other exchanges will follow suit, which could add further bullish momentum for XRP prices.
Short-Term Corrections Possible Due To Overbought RSI Levels
Profit booking caused by investors taking profits could result in short-term corrections or consolidation phases for XRP prices. The uptrend has also caused relative strength index (RSI) levels to break into overbought territory on the daily charts, often signaling sell signals before corrections occur. If this occurs, then traders should expect support near $0.75 before retesting support near $0.653 before recovering again.
Ripple’s Win Could Have Far Reaching Consequences For Crypto Community
Ripple’s win against SEC could have far reaching implications for crypto globally as it draws attention to how digital tokens should be classified in legal terms going forward. This victory is especially important for Ripple because they can continue offering their products without fear of legal repercussions from US regulatory bodies such as SEC and CFTC..
XRP Investors Anticipate Uptrend Rally
Traders remain confident that despite potential short-term corrections, an upcoming rally will eventually take place due to increased investor confidence following Ripple’s win against SEC . If this happens, then traders should look out for resistance at $0 8977 before challenging psychologically vital level of $1 04 before retreating again