Ripple’s native token, XRP, has been riding a tremendous wave of success since July 13th, and its bullish momentum shows no signs of slowing down. In the past week alone, the token’s value has skyrocketed by a staggering 70%, making headlines in the world of cryptocurrencies.
Following a robust rally, XRP briefly dipped below the crucial support level of $0.70. However, the token quickly rebounded, finding a low near $0.6655 before bouncing back with great force. At the time of reporting, XRP is trading at $0.8002, marking a remarkable 5.47% increase within the last 24 hours.
Currently, crypto enthusiasts are closely observing the potential for further gains as XRP faces the $0.82 resistance on the upside. This level closely aligns with the 50% Fibonacci retracement level, considering the downward move from the $0.9479 swing high to the aforementioned $0.6655 low.
But XRP is not stopping there. The next significant obstacle lies around the $0.840 level, signaling yet another potential milestone.
If XRP manages to conquer the $0.84 resistance, experts predict that it might set its sights on an even higher target – the $0.90 resistance. And if the momentum persists, a test of the coveted $1 resistance could be within reach.
This remarkable rally is attracting the attention of investors and crypto enthusiasts worldwide, as XRP’s performance has been extraordinary. The coming days will be pivotal for the token, as it aims to solidify its position among the top players in the crypto market.
NY Rep Urges SEC To Reconsider Crypto Stance Following Ripple (XRP) Court RulingAS
Regarding the case update, New York Rep. Ritchie Torres has urged SEC Chair Gary Gensler to rethink the regulator’s stance on cryptocurrency after a significant court ruling.
In a letter on July 18th, Torres asked the SEC to target “bonafide bad actors” rather than treating most crypto assets as securities, following the court’s decision in the SEC’s case against Ripple, which indicated that XRP was not a security.
The letter highlighted the court’s rejection of the SEC’s regulatory overreach and emphasized the need to prove an “investment contract” under the Howey test. Judge Analisa Torres’ ruling brings much-needed legal clarity to the crypto chaos, stating that crypto assets themselves are not securities.
But they can be sold as part of investment contracts. The ruling constrains the SEC’s ability to regulate digital assets arbitrarily without an actual security offering. While the SEC can appeal, the Torres Doctrine will likely influence future cases, impacting the SEC’s enforcement actions against crypto platforms like Coinbase.
The letter also criticized the SEC’s lack of clear guidance, calling for a focus on genuine wrongdoers perpetrating fraud and market manipulation. Torres looks forward to the SEC’s response and reassessment of its regulatory approach to cryptocurrencies.
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