XRP Shining As United States SEC Keeps Losing: Is $1 Inevitable?
XRP is soaring, adding roughly 60% from July lows as Ripple bulls press on. At this pace, $1 is inevitable
XRP is defying gravity at press time, rising after the recent chop and sideways consolidation. Even though there were hints of weakness, the sharp rejection of lower prices and the expansion yesterday endorse bulls. The move higher is driven by favorable fundamentals, lifting the entire industry. Technically, buyers are in control, and every low might be an opportunity to double down, with targets at $0.66 and $0.74 in the short to medium term.
As it is, XRP is in green, outperforming Bitcoin and other top altcoins. Yesterday’s gains mean the coin is ending firmly after the initial shake-off in early July. From the daily chart, the coin is up 58% in three weeks, pushing gains in the past day and week to roughly 8%. Surging prices have drawn traders, propelling the average trading volume to over $2.9 billion in the past day.
The following XRP and Ripple news are worth monitoring:
- Yesterday, the United States SEC dropped its allegations about ten tokens, including SOL and ADA, in its charges against Binance. Earlier, the regulator sued Binance, claiming that it was facilitating the trading of unregistered securities.
- Analysts are convinced the United States SEC is losing their fifth against crypto. It is timely and comes when the court is about to conclude the ongoing case pitting the regulator versus Ripple.
XRP Price Analysis
XRP/USD is marching higher, adding 58% from July lows.
As buyers press on, every low could offer entries for aggressive traders.
From the daily chart, the local support is at $0.55.
Meanwhile, with prices above $0.62, buyers are squarely in charge in a bullish breakout formation. For this reason, traders can set sights on $0.66 and $0.74 in the short term. If XRP buyers double down, it is easy to see the coin retesting $1.
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