XRP Price Jumps On Ripple Vs SEC Lawsuit End

XRP price exploded 20% on Thursday, erasing the entire Monday crash, thanks to the conclusion of the case between Ripple and the SEC.

XRP price surged 20% on Thursday, completely erasing the losses incurred earlier this week and continuing its rally as the crypto community celebrated the conclusion of the lawsuit between Ripple and the Securities and Exchange Commission (SEC).

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After a brief pause, XRP price rally resumed from support at $0.5 and resistance encountered at $0.52 on Wednesday. Following the news of the lawsuit ending, traders piled into XRP markets, boosting the price to test the $0.64 hurdle on Thursday.

At the time of writing, XRP price traded at $0.518 as several technical indicators, including the Relative Strength Index (RSI), amplified the uptrend. Holding at 69, the RSI reveals a strong bullish conviction among traders who would be willing to bet on a further increase to $0.7 and later extend the rally past $1.

The 50-day Exponential Moving Average (EMA) is about to flip above the 50-day EMA, forming a golden cross. This is a bullish pattern, signaling a new bullish outlook.

XRP Price Surges 20% On Ripple Vs SEC Lawsuit End

XRP price exploded 20% on Thursday, erasing the entire Monday crash, thanks to the conclusion of the case between Ripple and the SEC. The crypto community anticipated a settlement from early July, with multiple Ripple’s XRP transfers fuelling speculation.

However, the presiding Judge, Analisa Torres, ruled on Wednesday that Ripple pay $125 million in civil fines. The judge also imposed an injunction warning the blockchain against future securities law violations.

Finally over…for now. Thanks again James! Here are my quick takeaways on the ruling:https://t.co/IqdlxMz22C

— Fred Rispoli (@freddyriz) August 7, 2024

The SEC sued Ripple in December 2020 for allegedly violating US Securities Law with the sales of its issued token XRP. The first ruling on the case in July 2023 exonerated secondary sales of XRP, such as those conducted on exchanges. However, Ripple still had a case to answer over direct institutional sales.

It is a major milestone for Ripple at the moment, considering the $125 million penalty imposed. However, the SEC will likely appeal both rulings in the coming weeks, which could further complicate matters for XRP.

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