XRP price skyrockets over 18%, reclaiming the major resistance level of $0.5. This surge has sparked optimism among market participants, who now anticipate a further rally.
Ripple CEO Sparks XRP ETF Buzz
The recent buzz over a potential XRP ETF has taken the community by storm. The CME Exchange’s announcement of new reference rates and real-time indices for XRP fueled speculation about an ETF launch. Ripple CEO Brad Garlinghouse hailed this as the “first step towards institutional crypto products.” With the anticipation of a U.S. Spot Ethereum ETF launch next week, the market is eagerly eyeing a potential XRP ETF.
Speculations Over Ripple vs. SEC Lawsuit
The Ripple vs. SEC lawsuit has gained significant traction. The latest XRP news has sparked market speculation, especially with the U.S. SEC’s announcement of a closed meeting on July 18. The XRP community believes this meeting could discuss a potential settlement in Ripple’s ongoing legal battle. Additionally, the SEC dropping investigations into several crypto projects has bolstered market optimism, boosting confidence in XRP’s price.
One Year Since ‘XRP Is Not A Security’ Ruling
July 13 marks a crucial date for Ripple. On this day in 2023, Judge Analisa Torres ruled that XRP is not a security, creating a buzz in the crypto market. Ripple executives, including CEO Brad Garlinghouse and CLO Stuart Alderoty, have recently expressed optimism, celebrating this historic event. This renewed optimism over the Ripple vs. SEC lawsuit has contributed to XRP’s impressive gains, pushing its price up by more than 12% in the last 24 hours.
Where’s XRP Price Heading Next?
The current optimism suggests a further rally for XRP. According to a recent analysis by CoinGape Media, XRP could potentially reach $5 in the 2024 or early 2025 bull run. Pro-XRP lawyer Bill Morgan, who previously advocated for buying the dip, expressed satisfaction with his decision to add more coins to his portfolio when the price dropped to $0.4. As of now, XRP’s price has crossed the $0.51 level, reflecting a 12% increase. Over the last seven days, the price has surged by about 18%
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Conclusion
XRP’s recent price surge is driven by ETF buzz and positive developments in the Ripple vs. SEC lawsuit. With XRP futures open interest up by more than 24% and trading volume soaring by 73% to $2.02 billion, bullish momentum is evident in the market. The optimism suggests further gains for XRP, making it an exciting time for investors.
