On the Verge of Reaching $1! Will Ripple Cross the Resistance This Time?

The partial victory for Ripple in the case against SEC has put XRP on a bull run?

Ripple has been the talk of the crypto town recently, and that’s to be expected. The company partially won its long-stood battle with the US Securities and Exchange Commission (SEC). This has resulted in XRP going to the moon and taking most of the other cryptos in the same rocket.?

For the past few days, people’s interest in Ripple has intensified, thanks to a US judge ruling ‘XRP as not a security’. Since then, the open interest in XRP futures contracts has skyrocketed like never before.?

As a result, many crypto exchanges that have previously delisted XRP are listing it again. The plethora of events and surge in support for XRP has made the exchanges think otherwise.?

However, XRP is currently fighting its last potential battle to reach $1. At the time of writing, the token is valued at $0.84. Can a week-old ruling and buzz around Ripple help the crypto surpass its major resistance level??

The Partial Win and Why XRP is Declared Not a Security

In the prolonged Ripple vs SEC case, Ripple scored a partial victory against the SEC in a court ruling, bringing regulatory clarity to the overall crypto industry. The judge ruled that the sale of Ripple’s digital token on exchanges did not constitute investment contracts, declaring it not a security.?

The Ripple vs SEC case began when SEC accused the company and its current and former chief executives of conducting a $1.3 billion unregistered securities offering by selling XRP. For a very long time, the crypto community has been keeping a close eye on the developments of the case. The SEC has brought more than 100 crypto actions, claiming them as tokens, most of which ended in settlements. However, Ripple Labs didn’t agree to a settlement even when the SEC suggested it and proceeded with the court hearings.?

According to the latest court ruling, Ripple initially sold around $728.9 million worth of XRP directly to institutional buyers, hedge funds, and other parties. These institutional sales had unregistered offers and investment contracts, which violates federal securities law. However, SEC can’t definitely declare it speculative because “the investors didn’t have a reasonable explanation for profits to be derived from the entrepreneurial or managerial efforts or others.”?

The court said that there is no evidence that the programmatic buyers had a similar understanding and expectations. They didn’t seem to have gone through the social media and news highlights that SEC uses against the company.?

Another SEC claim blaming two Ripple Labs executives, Laren and Garlinghouse, for ‘adding and abetting’, was also turned down as it is unclear whether they knew the consequences or recklessly disregarded the securities law.?

Cryptocurrency Exchanges Relist XRP in Their Platform?

Following SEC’s allegations against Ripple Labs, XRP faced major degrades in the crypto market. Many crypto exchanges delisted it from their platform.?

After the partial victory, many exchanges like Coinbase, Kraken, and others have come forward to relist the XRP token.?

Recently, Coinbase was also caught up in a conflict with SEC. The agency has accused Coinbase of acting as a broker, exchange, and clearinghouse for unregistered securities. However, the partial victory of Ripple Labs has given a pump to Coinbase stock.?

Coinbase and Kraken have relisted XRP for US traders, trading against various fiat pairs. Other crypto exchanges including Gemini, Bitstamp, etc are also on the notion.?

XRP Breaks 700-Day Resistance, Thanks to Whales

Hours after the court ruling, XRP shot up and broke from a 700-day resistance. According to experts, this breakout signifies an upcoming bull run for XRP and the overall crypto market.?

XRP cleared its long-stood resistance and peaked above $0.54, creating a bullish candlestick. The crypto went straight up to the $0.80 level and is maintaining its value there.?

While most see this as a long-term bull run, others call it a short-term reaction to the positive news. For instance, XRP whale transactions, wallets holding more than $100,000, climbed greatly in the past week.?

Will XRP Reach the Awaited $1 Shortly??

From a technical standpoint, XRP testing the $1 resistance level is possible as the bull run seems consistent. Unfortunately, the analysis suggests that its potential to go beyond $1 looks weak.

After the ruling, XRP was going through uphill but made a short pullback on July 14. Initially, experts thought that the crypto’s value would decline further but XRP’s weekly relative strength index (RSI) has overbought, raising its correction prospects.?

While some technical indicators suggest a fallback to $0.45, others imply a range between $0.75 and $1. If XRP manages to break through $1 in July, then its next destination would be $1.35 in September.?

Looking Ahead

Despite the ruling coming in favor of Ripple Labs, this is not the end of the case and there is more to it. There are possibilities for an appeal of the judgment once the final judgment is issued.

However, there is a high chance that XRP could reach $1 in the coming months. This is expected to give a good pump to the crypto market overall.?

Let’s see how the Ripple vs SEC unfolds from here.?