Ripple’s XRP Price Surges 7% as Resistance Level is Broken
Ripple’s XRP has experienced a 7% increase in its price over the past 24 hours, making it one of the top performers among the top 10 cryptocurrencies by market capitalization. Currently trading at $0.51, XRP has surpassed a significant resistance level of $0.50.
This surge in price can be attributed to recent developments in Ripple’s legal battle with the Securities and Exchange Commission (SEC). The SEC has cleared Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, of all allegations in a securities violation case that dates back to 2020.
XRP Attempts to Break Psychological and Technical Resistance Level
XRP had previously attempted to break above the $0.50 resistance level but was unsuccessful in sustaining the price. However, with this recent surge, it remains to be seen if XRP will convincingly surpass this level.
Legal Battle Between Ripple and SEC Drives Price Increase
The primary reason for XRP’s price increase is related to the ongoing legal battle between Ripple and the SEC. The recent clearance of Ripple’s CEO and Executive Chairman from the allegations in the securities violation case has positively impacted investor sentiment.
In 2020, the SEC filed a lawsuit against Ripple, accusing them of distributing XRP without proper registration as a security. This allegation led to significant uncertainty surrounding XRP and its future.
While the legal developments are likely driving the price increase, it’s also worth noting that the overall cryptocurrency market is performing well today. This positive market sentiment may be contributing to XRP’s gains. Other altcoins, such as Solana, have also seen notable increases in their prices.
Hot Take: XRP Price Surges Amid SEC Clearance
XRP’s price has surged by 7% in the past 24 hours, reaching $0.51 and breaking a significant resistance level of $0.50. This increase can be attributed to the recent clearance of Ripple’s CEO and Executive Chairman from allegations in a securities violation case filed by the SEC in 2020.
The legal developments have brought positive sentiment to XRP, which is further supported by the overall positive performance of the cryptocurrency market. It remains to be seen whether XRP can sustain this upward momentum and continue its bullish trend.
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