Cryptocurrency enthusiasts are excited as news broke that a federal judge has made a groundbreaking ruling that XRP, the native token of Ripple, should not be classified as a security when it is sold to the public through programmatic means on digital-asset exchanges.
The judge held that the XRP token is not considered a security, but the trading transactions and related schemes require further examination. The judge stated that while XRP itself is not an investment contract, the court will evaluate the overall circumstances of the defendants’ transactions and distribution of XRP.
The immediate aftermath of this ruling has witnessed a surge of unprecedented proportions in the market capitalization of XRP. Like a rocket blasting off into the sky, XRP’s market cap skyrocketed to a staggering $46.1 billion, reaching its highest point this year.
This meteoric rise was accompanied by a remarkable 65.54% increase, propelling XRP from its previous position as the 7th largest cryptocurrency to now proudly occupying the 4th spot.
The extraordinary rally of the token did not stop there. Displaying an astonishing level of resilience and strength, XRP experienced a jaw-dropping surge of almost 70% in a mere 24-hour period. This surge propelled the token’s value to an impressive $0.87, marking its highest level since the year 2021.
Trading volume, another key metric for measuring the vibrancy of a cryptocurrency, witnessed an astounding spike of over 1600% within the same 24-hour timeframe. Such a surge in trading activity further underscores the market’s response to the federal judge’s ruling and the renewed optimism surrounding the token.
XRP Price Prediction
In the latest XRP price prediction analysis, experts are expressing a bullish sentiment toward the popular cryptocurrency. A total of 25 technical analysis indicators are signaling positive market trends, while 5 indicators are pointing towards a bearish outlook.
Over the past 30 days, the token has experienced a notable surge of 53.43%. As a result, analysts anticipate a modest recovery in the near future.
By the end of July, market projections suggest that the token’s value will witness an impressive increase of 117.58%, bringing it close to the $1.68 mark. Presently, it is trading below the 200-day simple moving average (SMA), which has been indicating a selling signal for the past 326 days since December 31, 2023.
In addition, the token’s squeeze-bear momentum indicator displays the initial stages of a significant upward movement, suggesting the potential for further gains in the cryptocurrency. These factors combined may contribute to the token’s imminent achievement of the $1 milestone in the short term.
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