XRP could soar higher as the Ripple-SEC case officially ends: check forecast

The cryptocurrency market has been bearish since the start of the week, but could be set to end on a bullish note thanks to the ongoing rally. Bitcoin added 2% to its value to reclaim the $117k level while Ether is approaching the $4k psychological level once again.

However, the biggest winner among the top 10 cryptocurrencies is XRP, which is up 12% in the last 24 hours. XRP has now topped $3.3 and could rally to a new all-time high if the bullish momentum persists.

The Ripple-SEC lawsuit is officially over

XRP is up 12% in the last 24 hours and now trades at $3.35 per coin. The primary catalyst behind this rally is the official ending of the five-year-long case between Ripple and the United States Securities and Exchange Commission (SEC).

The two entities informed the Second Circuit Court of Appeals that they were voluntarily dismissing their respective appeals of a 2023 ruling in the case. According to a filing on Thursday, the agency and Ripple will each bear their own costs.

This latest development ends the legal battle between the SEC and Ripple, which began in 2020. The SEC sued Ripple in 2020 under former Chair Jay Clayton, alleging that the blockchain firm violated securities laws through the sale of XRP, the token closely associated with the company.

Ripple and the SEC agreed to drop their respective appeals in June, Ripple CEO Brad Garlinghouse said at the time. However, District Judge Analisa Torres’ penalties remained in place. 

The penalties were tied to her finding that Ripple had violated securities laws in selling XRP to institutional traders, with the company expected to pay a $125 million fine and a permanent injunction against further violations of the law.

The two entities tried to negotiate these penalties down, but Judge Torres rejected the appeals over procedural and other concerns.

XRP targets the $3.66 high after crossing $3.3

The XRP/USD 4-hour chart had flipped bullish thanks to XRP’s ongoing rally. The coin is trading at $3.35 and could rally higher amid strong momentum indicators. The Relative Strength Index of 74 shows that XRP is heading into the overbought region if the current market conditions persist. The MACD lines have also crossed into the positive zone.

With XRP surpassing the $3.3 resistance level a few hours ago, the bulls could be targeting the next liquidity zone at $3.66. An extended bullish run would allow XRP to surpass the all-time high price of $3.84 it achieved eight years ago.

However, the RSI needs to stay above the neutral 50 for XRP to stand a chance of setting a new all-time high price.

However, the market could face a correction amid profit-taking. If that happens, XRP could test the resistance-turned-support region of $3.1. Failure to defend this position could see XRP decline to the weekly low of $2.89.

The post XRP could soar higher as the Ripple-SEC case officially ends: check forecast appeared first on Invezz