- Ripple’s XRP reached a 16-month high of $0.8452, the highest since early July 2023.
- Ripple secured a major legal win, allowing progress toward final judgment and halting class claims.
XRP has finally joined the crypto bull market, hitting a nearly 16-month high of $0.8452, a level last seen in early July 2023. Over the past 24 hours, XRP surged by over 23%, rising from an intraday low of $0.6866.
While major cryptocurrencies like Bitcoin benefited from Donald Trump’s recent US presidential victory, XRP was relatively muted. However, today the altcoin defies expectations and breaks the prolonged bearish trend.
The rally comes amid key developments fueling investor optimism. Firstly, Ripple Labs and CEO Brad Garlinghouse recently scored a major legal victory as a US court ruled in their favor, allowing Ripple to move with the final judgment and placing a hold on class claims. This ruling is seen as a crucial moment in the ongoing legal battle, offering Ripple a path to victory.
Adding to the excitement, 18 US states have sued the SEC, alleging unconstitutional overreach under Chairman Gary Gensler. This has raised speculation that Ripple may win its case against the SEC, further fueling optimism in the market. As a result, XRP’s price has surged by over 47% in the past week, with many expecting it to reach a new all-time high soon.
XRP Price Faces Mixed Signals
In the XRP/USDT 4-hour chart, the cryptocurrency shows a “golden cross,” as the short-term 50-day MA crosses above a long-term 200-day MA, often seen as a bullish indicator. Despite some bearish signals, this reversal in momentum is seen as a positive sign for XRP, with the price soaring over 50% in a month.
However, XRP’s Chaikin Money Flow (CMF) at 0.24 signals moderate buying pressure, supporting its recent price surge. At the time of writing, XRP traded at $0.8102 with a market cap of $46.23 billion. Additionally, the daily trading volume of the altcoin climbed over 72% to $11.14 billion.
XRP is now expected to trade between $0.51 and $1 in the coming days. If its legal situation progresses favorably, it could climb even higher.
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