XRP Lift Off: Ripple Fined $125 Million, Not $1 Billion, Time for $1?

XRP is back to bullish ways, confirming the trend of July 2024. After the 25% surge yesterday, the coin exploded, reversing losses early this week and setting up the coin for more gains. Of importance, prices are now above $0.55, meaning the bullish breakout of July 2024 remains, and $1 is not farfetched. Triggers, as explained before, are primarily fundamentally driven and follow a court ruling, ending the multi-year court case.

The surge in XRP prices means it is a top performer in the top 10. Most importantly, the uptrend is now in full force and traders can look to buy the dip, targeting $0.66 and $0.74 in the short term. In the last day, the coin is up 17%, pumped by rapidly rising average trading volume now at over $5.2 billion in the 24 hours.

Traders are watching the following trending XRP and Ripple news:

• Judge Anarlisa Torres said Ripple, the blockchain company, has to pay $125 million in civil penalties to the United States SEC. This ruling marks the end of the multi-year court case. This also helps clarify the status of XRP as a commodity, depending on how it is traded.
• In the ruling, Ripple should file for a registration statement if it wants to sell XRP to institutions. Analysts claim the United States SEC lawyers are likely to appeal even with this.

XRP Price Analysis

XRP/USD is back to green, resuming the uptrend.

Aggressive traders can look to buy the dips above $0.55, targeting $0.62 and $0.66 in a buy trend continuation formation.

Notice that XRP found strong support from the 68.6% Fibonacci retracement level of the July trade range.

Any dip below $0.50 will cancel this outlook.

Conversely, a firm close above $0.62 and July 2024 highs will confirm the uptrend, fanning demand to $1.