XRP price surged by over 18%, reclaiming the critical resistance level of $0.5 amidst rising optimism in the market.
XRP News Today: The price of Ripple’s native cryptocurrency has surged over 18% this week, successfully reclaiming the major resistance level of $0.5. This notable rise has prompted discussions within the crypto community regarding the factors driving this sudden surge.
Why Is The Price Rising Today?
The buzz around a potential XRP ETF has gripped the community following CME Exchange’s announcement of new reference rates and real-time indices for cryptocurrencies. Ripple CEO Brad Garlinghouse has welcomed this development, viewing it as a significant step towards institutional crypto products. The anticipation of an ETF launch has further fueled market optimism.
Speculations surrounding the Ripple vs. SEC lawsuit have also contributed to market dynamics. The SEC’s upcoming “close to the public” meeting on July 18 has led to speculations of a potential settlement in the ongoing legal battle, echoing positive sentiments among XRP investors. Moreover, the SEC’s decision to drop investigations into projects like Paxos and Hiro has bolstered confidence in the market.
One Year Since ‘XRP Is Not A Security’ Ruling
July 13 marks a pivotal moment for Ripple, commemorating the ruling by Judge Analisa Torres in 2023 that deemed XRP not a security. Ripple executives, including CEO Brad Garlinghouse, have reflected on this milestone with optimism, highlighting its impact on the broader crypto industry. This positive sentiment has likely contributed to the recent surge in XRP price.
Where’s XRP Price Heading Next?
Market optimism suggests potential for further gains in XRP price. According to analysts at CoinGape Media, XRP could target $5 during the anticipated 2024 or early 2025 bull run.
Pro-XRP advocate Bill Morgan has also shown confidence in XRP’s future, recently increasing his holdings when the price dipped to $0.4 earlier this month. With the current price exceeding $0.51 and a notable increase in trading volume and futures open interest, the bullish momentum for XRP appears strong.