Ripple’s XRP Rises to $0.58 as Bullish Momentum Continues Amid Broader Crypto Gains

Ripple’s XRP coin continued its upward momentum, reaching around $0.5765 and hitting an intra-day high of $0.58.

This positive trend can be linked to the broader bullish sentiment in the crypto market, which saw a strong gains.

The global crypto market cap also jumped by 3.31% in the past day, reaching $2.11 trillion, while total market volume surged by 8.6% to $66.54 billion.

🚨: Ripple vs SEC Update: Ripple’s Legal Victory Drives XRP Price Surge! #XRPhttps://t.co/VebgWu3toV

— Brett (@Brett_Crypto_X) September 14, 2024

However, the market’s optimism is largely fueled by anticipation for the upcoming Federal Open Market Committee (FOMC) meeting, with growing expectations of a Fed rate cut boosting interest in risk assets like cryptocurrencies.

On the data front, U.S. Producer Price Index (PPI) data came in slightly higher than expected at 0.3%, compared to the 0.2% consensus estimate, which further bolstered investor confidence. This upbeat mood helped Bitcoin soar past $60K, and the positive trend extended to the broader crypto market, reflecting the overall bullish sentiment.

Ripple’s Legal Victory and Ongoing SEC Uncertainty Fuel XRP Price Fluctuations

Ripple’s Chief Legal Officer, Stuart Alderoty, recently announced that Ripple’s legal fight with the SEC has concluded, suggesting that Ripple has won its case. However, Alderoty also highlighted that the “fair notice” defense is still important for others in the crypto industry.

This defense argues that the SEC’s rules about whether cryptocurrencies are securities were not clear. The SEC itself admitted to confusing language in a 2017 report about initial coin offerings (ICOs).

🚨 BREAKING:

STUART ALDEROTY SAYS: „RIPPLE‘S CASE IS OVER!“ #XRP pic.twitter.com/8JWrJZtdhX

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 13, 2024

Despite Ripple’s victory, there is still uncertainty because the SEC has not clearly defined its stance on cryptocurrency securities in its current case against Binance.

The SEC’s request to change its complaint against Binance didn’t clarify whether it will continue to view secondary sales of crypto assets as securities.

This leaves investors unsure if the SEC might appeal Ripple’s win, which found that Ripple’s sales of XRP were not securities under the Howey Test.

Even though XRP’s value jumped after Ripple’s July 2023 ruling, its price remains unstable due to ongoing regulatory speculation.

"The SEC acknowledges any confusion it may have caused by incorrectly and repeatedly claiming that tokens themselves are securities." This surprising statement appears in Footnote 6 of @SECGov's Amended Complaint against Binance. pic.twitter.com/hbO7aMX4zS

— ALLINCRYPTO (@RealAllinCrypto) September 13, 2024

Therefore, the news of Ripple’s legal victory initially boosted XRP’s value, with the coin surging after the favorable ruling. However, ongoing uncertainty about potential SEC appeals has led to price fluctuations, keeping investors cautious and contributing to XRP’s continued volatility.

Jerome Powell’s Comments Spark Speculation About XRP’s Role in U.S. Payment System

Jerome Powell, Chair of the U.S. Federal Reserve, recently announced a major upgrade to the U.S. payment system, calling it “the first significant expansion of our core payment system since the 1970s.” Although Powell didn’t directly reference XRP or any specific cryptocurrency, his remarks have caught the attention of XRP enthusiasts.

They see this new payment system as a potential opportunity for XRP to play a role in modernizing U.S. payments.

Prominent crypto advocate JackTheRippler even shared Powell’s comments, hinting that XRP or other blockchain-based solutions might be involved in this groundbreaking development.

🚨 Jerome Powell mentioned #XRP without mentioning it.

The new system is coming!

🔊⤵️🍿 pic.twitter.com/L0zx4rHegA

— mel carmine🇱🇷 ✪ (@melcarmine23) September 12, 2024

Ripple, the company behind XRP, has formed partnerships with numerous financial institutions around the globe, positioning XRP as a key player in international payments. With Ripple’s commitment to regulatory compliance and its technology that enables fast, cost-effective transactions, XRP is increasingly seen as a potential fit for the future U.S. payment system.

While Jerome Powell didn’t specifically mention XRP, many in the cryptocurrency community are speculating that the Federal Reserve might be exploring blockchain technology for its new payment system.

Additionally, with political shifts in the U.S., including the rise of pro-crypto figures like Donald Trump, XRP could gain a more significant role if supportive policies are put in place.

The news fueled speculation about XRP’s potential role in the U.S. payment system, leading to increased interest among investors. This anticipation has contributed to a slight price boost for XRP, though its value remains volatile amid ongoing regulatory uncertainties.

Ripple (XRP/USD) – Daily Technical Outlook: September 14, 2024

Ripple (XRP/USD) is currently trading at $0.58375, up 2.12%, supported by strong buying momentum as it approaches key resistance levels. The immediate resistance stands at $0.61352, followed by $0.63034. A break above these levels could extend the bullish rally, with the next target around $0.65622. On the downside, immediate support is seen at $0.57340, which also aligns with the pivot point. A breach below this could trigger sharper selling, with further supports at $0.54168 and $0.52308.

Technical indicators reinforce the bullish outlook. The RSI is at 72, indicating strong buying momentum, while the 50-day EMA at $0.55611 is trending upward, providing additional support for the current price. In conclusion, Ripple maintains a bullish stance above $0.57340, but a break below could lead to accelerated selling pressure.