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XRP at $0.47940: Legal Wins Boost Confidence Amid Volume Surge of 54%

XRP is trading at 0.47940 increasing by 0.21 % on Tuesday.  The SEC v. Binance complaint made reference to the significant finding made by Judge Analisa Torres in the SEC v. Ripple case.

XRP Price Chart - Source: Tradingview

In which stated that XRP is not a security in secondary market sales. Citing the Ripple precedent, US District Court for the District of Columbia Judge Amy Berman Jackson dismissed allegations against Binance pertaining to the secondary market transactions of its native BNB cryptocurrency. The non-security character of cryptocurrencies in secondary market transactions was made clear by this ruling.

On Monday, XRP surged past the $0.48 resistance and gained around 1%. Judge Torres’ decision set a favorable legal precedent that has increased investor confidence .Also it increased market sentiment on the regulatory status of XRP and maybe other cryptocurrencies, which is why the price of XRP has increased.

Since the SEC demanded $102.6 million in fines from Ripple on May 29, there have been no additional developments in the SEC vs. Ripple lawsuit.

XRP Price Expectations Rise as Volume Soars 54%

As per CoinGlass, XRP experienced a remarkable surge in trading volume, increasing by 54.66% to 499.80 million. This increase in volume has caused XRP to accelerate its rate by 2.04% to $0.4817 on the closing day. After a challenging month that saw a downturn in the cryptocurrency industry as a whole.  The buyers are keeping a close watch on XRP’s price variations in case there is a significant increase in July.

The XRP price surge on Tuesday may have been caused by traders’ renewed desire and excitement. Its recovery has been supported by the increased adoption of cryptocurrencies and the blockchain era, as well as by XRP’s allure for cross-border payments and economic opportunities because of its quick transaction times and reasonable fees.

XRP Price Forecast – Technical Outlook

XRP is currently trading at $0.48028, up 0.82% for the day. On the 4-hour chart, the pivot point is positioned at $0.47525, serving as a critical level for traders to monitor. Immediate resistance is found at $0.48439, followed by higher resistance levels at $0.48864 and $0.49414. On the downside, immediate support is located at $0.46973, with further support at $0.46328 and $0.45666.

XRP Price Chart

Technical indicators present a mixed outlook. The Relative Strength Index (RSI) stands at 60, suggesting bullish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $0.47704, indicating potential support just above the pivot point.

The market sentiment for XRP appears cautiously optimistic, with traders watching for further economic data and market cues. A break above the immediate resistance of $0.48439 could signal a continued bullish trend, while a decline below the pivot point of $0.47525 may lead to increased selling pressure.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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