Ripple Rallies: XRP Nears $0.70 as Settlement with SEC Fuels Bullish Momentum
Ripple (XRP) is making headlines once again as it continues its upward trajectory following a significant legal development. The cryptocurrency recently surged to just below $0.70, driven by a combination of favorable technical indicators and a major settlement in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
Technical Analysis: XRP’s price has shown remarkable resilience, breaking through the $0.65 resistance level on July 31, 2024, marking a 72% increase over the previous 20 days. This rally is supported by bullish indicators such as the Parabolic SAR, which continues to show a positive trend, and the Bull Bear Power (BBP) indicator, which remains in favor of the bulls. Despite a brief pullback, XRP’s momentum suggests a potential move toward the $0.70 mark in the coming days, provided it can maintain support above $0.5780​ ( FX Empire ).
Market Sentiment and News: The recent price surge in XRP is closely tied to a key legal victory for Ripple Labs. On August 8, 2024, a New York federal judge ordered Ripple to pay a significantly reduced civil penalty of $125 million, a fraction of the $2 billion originally sought by the SEC. This settlement has been celebrated by Ripple’s CEO, Brad Garlinghouse, as a win for the crypto industry, potentially paving the way for clearer regulatory guidelines for digital assets in the U.S. ​ ( InvestorPlace ).
Read More: https://onthenode.com/cryptocurrency/ripple-rallies-xrp-nears-0-70-as-settlement-with-sec-fuels-bullish-momentum
Ripple (XRP) is making headlines once again as it continues its upward trajectory following a significant legal development. The cryptocurrency recently surged to just below $0.70, driven by a combination of favorable technical indicators and a major settlement in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
Technical Analysis: XRP’s price has shown remarkable resilience, breaking through the $0.65 resistance level on July 31, 2024, marking a 72% increase over the previous 20 days. This rally is supported by bullish indicators such as the Parabolic SAR, which continues to show a positive trend, and the Bull Bear Power (BBP) indicator, which remains in favor of the bulls. Despite a brief pullback, XRP’s momentum suggests a potential move toward the $0.70 mark in the coming days, provided it can maintain support above $0.5780​ ( FX Empire ).
Market Sentiment and News: The recent price surge in XRP is closely tied to a key legal victory for Ripple Labs. On August 8, 2024, a New York federal judge ordered Ripple to pay a significantly reduced civil penalty of $125 million, a fraction of the $2 billion originally sought by the SEC. This settlement has been celebrated by Ripple’s CEO, Brad Garlinghouse, as a win for the crypto industry, potentially paving the way for clearer regulatory guidelines for digital assets in the U.S. ​ ( InvestorPlace ).
Read More: https://onthenode.com/cryptocurrency/ripple-rallies-xrp-nears-0-70-as-settlement-with-sec-fuels-bullish-momentum
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