Solana (SOL) Rising and XRP’s Response
Recently, Solana (SOL) surpassed XRP, pushing XRP to sixth place in the digital asset market. This has led to a rise in support for XRP. The latest market data shows XRP’s daily trading volume increasing by over 23 percent in the past 24 hours to about $1.3 billion.
XRP’s Ongoing Support and Ripple’s Legal Triumph
XRP, a significant player in utility altcoins, continues to have strong backing from institutional investors. This support has grown, especially after Ripple’s legal victory against the United States Securities and Exchange Commission (SEC).
Freedom from SEC’s Shackles
In late December, US District Judge for the Southern District of New York, Judge Jed Rakoff, ruled in favor of the US SEC in a case involving Terraform Labs and its co-founder, Do Kwon. This ruling has caused a reaction in the Ripple community as they prepare for their own trial in April. However, Ripple’s Chief Legal Officer, Stuart Alderoty, clarified that this ruling did not reflect upon Ripple’s situation.
XRP Price Action Analysis
Looking at the broader landscape, XRP’s pricing trend suggests that it is nearing the end of a consolidation phase that began after the 2021 market surge. Additionally, XRP is close to potentially breaking out from its daily consolidation triangle, which could signify an upcoming bullish shift. If this breakout occurs, analysts predict that XRP could target its next psychological resistance point near 94 cents.
Will Solana’s reign be short-lived? Is XRP poised for a comeback? Share your thoughts.
Hot Take: Ripple’s Battle with Regulatory Hurdles and XRP’s Market Resilience
Ripple’s legal battles continue to shape its position in the digital asset market, while XRP’s ongoing support indicates resilience despite market challenges. As Solana rises, the crypto community eagerly anticipates XRP’s potential comeback and the outcome of its legal showdown.
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