In a thrilling twist of events, the XRP token, which serves as the primary token for Ripple Labs, has experienced a remarkable surge within a mere four-hour span. This significant rally can be attributed to the resounding success of Ripple Labs in its lawsuit against the Securities and Exchange Commission (SEC).
On July 13, an important development took place as per the filed document. District Judge Analisa Torres ruled in favor of Ripple Labs, granting summary Judgement. This decision confirms that the ripple token is not classified as a ‘security,’ removing the requirement for it to be registered with the Securities and Exchange Commission (SEC).
This trump has resulted in a staggering increase of over $17 billion in XRP’s market capitalization, bringing it to a noteworthy $41.5 billion at press time.
Last night, the crypto market witnessed a frenzy surrounding XRP as buyers aggressively accumulated the token. Trading volume surged by over 1650%, reaching an impressive $12.8 billion, according to data provided by Santiment. This surge in trading volume marks the highest level in the past two years, indicating significant interest in XRP.
On Thursday, the price of Ripple’s XRP experienced an impressive surge of almost 100%, rising from $0.469 to $0.938. This significant increase positions XRP as a promising investment opportunity, especially if its price manages to surpass the strong resistance level of $0.92 that has persisted for the past 18 months.
Following its recent performance, Ripple’s XRP token has turned bullish as it surpassed significant daily simple moving averages such as the 20, 50, 100, and 200. The 200-SMA will now act as a demand zone for this cryptocurrency in the near future.
It’s worth noting that the daily RSI has entered the overbought zone due to a sudden spike. Currently, the RSI peak sits at the 82 range, which could potentially encourage further buying activity. Notably, the Average Directional Index (ADX) has also rebounded from a lower level. This bullish indication from ADX may potentially trigger the next bull run for the XRP token.
