Ripple’s XRP Price Surges 10% as Investor Confidence Grows

The price of Ripple’s native cryptocurrency, XRP, has experienced a significant rally, rising by 10% in the last 24 hours and approaching $0.70. This surge in value is accompanied by an increase in investor confidence, as whale wallets continue to accumulate XRP. According to on-chain data, wallets holding between 100K-1B XRP have reached their highest point in 2023.

Technical analysis reveals a bullish pattern for XRP, with the cryptocurrency currently trading above both the 50-day and 200-day exponential moving averages. This suggests sustained upward momentum and potential price appreciation. Furthermore, the relative strength index (RSI) is comfortably positioned above the 50 threshold, indicating that buyers are in control.

Optimism Surrounds Ripple’s Legal Battle with SEC

Investor optimism has been further fueled by the ongoing legal case between Ripple and the US Securities and Exchange Commission (SEC). Despite no new case-related updates, attorney Jeremy Hogan shared his perspective on the matter. He addressed the issue of disgorgement, highlighting that the SEC seeks a $770 million penalty for the unlawful sale of XRP to institutional investors.

Hogan emphasized that disgorgement should be fair and based on net profits rather than gross sales. As per the court’s decision, only individuals or entities who suffered financial losses can be considered victims eligible for disgorgement. Therefore, if an XRP buyer acquired the cryptocurrency at $0.30 and it has since risen to $0.60, they would not qualify as victims.

Hot Take: Ripple’s XRP Gains Momentum Amidst Favorable Market Conditions

Ripple’s native cryptocurrency XRP continues to gain momentum, with its price surging by 10% in the last 24 hours. Investor confidence is on the rise, as evidenced by the accumulation of XRP in whale wallets. Technical analysis suggests a bullish pattern for XRP, with the cryptocurrency trading above key moving averages and the RSI indicating strong buying pressure.

Additionally, optimism grows in Ripple’s legal battle with the SEC as attorney Jeremy Hogan weighs in on the matter. He suggests that the disgorgement penalty sought by the SEC may be significantly reduced, as it should be based on net profits rather than gross sales. This favorable outcome could further boost market sentiment and support XRP’s upward trajectory.

As always, it is important to conduct thorough market research before investing in cryptocurrencies. The opinions expressed in this article are solely those of the author and do not constitute financial advice. The author and publication are not liable for any personal financial losses incurred.