Ripple (XRP) Price Surges to $0.4784 Amid Positive Court Rulings; What’s Next?

Ripple’s native cryptocurrency, XRP, experienced a price surge on Monday, fueled by positive market sentiment following recent court decisions regarding the SEC’s case against XRP and other cryptocurrencies.

The market is reacting favorably to expectations that XRP will not be classified as a security, a development that could have far-reaching implications for the broader crypto industry.

Court Rejects SEC’s Argument on BNB as Security

In a recent case involving Binance’s BNB coin, District Judge Amy Berman Jackson dismissed the SEC’s claim that secondary market transactions of BNB should be considered securities.

This ruling, following Judge Analisa Torres’s decision that XRP does not constitute a security, further solidifies the legal status of XRP and boosts investor confidence.

Ripple CEO Clarifies Misinterpretations of Court Ruling

Ripple CEO Brad Garlinghouse addressed misconceptions surrounding a recent court decision involving a securities class action against Ripple.

He clarified that California District Judge Phyllis J. Hamilton did not classify XRP as a security, contrary to some media reports.

The upcoming trial will focus on Garlinghouse’s testimony, not XRP’s classification. Legal experts echoed this clarification, emphasizing that the US currently considers XRP and Bitcoin as non-securities.

XRP Price Forecast – Technical Outlook

Ripple’s price is currently at $0.4784, up 0.49%. On the 4-hour chart, key price levels to watch include a pivot point at $0.4768. Immediate resistance is at $0.4811, followed by $0.4842 and $0.4888. Support levels are at $0.4727, $0.4691, and $0.4663.

The RSI stands at 62, indicating moderate buying pressure, while the 50-day EMA is at $0.4750, providing near-term support.

Conclusion

XRP’s price movement remains contingent on maintaining the $0.481 level. A break above this resistance could fuel bullish momentum, potentially driving the price higher. However, failure to hold this level may lead to further declines, testing the lower support levels.

The overall market sentiment remains cautiously optimistic, with investors closely monitoring developments in the regulatory and legal landscape.