XRP Explodes By 40% in 8 Days: Ripple CEO Applauds the Court

XRP is climbing higher, confirming gains of August 7, evidenced in the daily chart. Amid the wave of strength, there must be a conclusive, high volume close above July 2024 highs. From price action, traders can double down on dips above $0.55, targeting $0.66 or better in future sessions. What’s interesting to note is that the leg up has an unusually high trading volume, confirming engagement and interest from the broader crypto community.

Following the rejection of lower prices and the shake-out of aggressive bears of early August, the coin is currently up 40% in less than ten days. The uptick has seen XRP extend gains, adding 6% in the last week while pushing the average trading volume to over $2.7 billion.

As prices expand, traders are looking at the following trending XRP and Ripple news as catalysts for even more gains:

• The end of the four-year court case pitting Ripple and the United States SEC means that XRP is outperforming Bitcoin and Ethereum. Despite recent gains for the top two most valuable coins, XRP is climbing up in ranking and could likely extend gains in the coming days.
• Following the recent court ruling directing Ripple to pay just $125 million, not the $2 billion demanded by the regulator, Brad Garlinghouse has come out to comment. In a post on X, he thinks the United States SEC recognized that they had “overplayed their hands,” which is a victory for Ripple and the industry.

XRP Price Analysis

XRP/USD is bullish at spot rates.

Even though buyers are in control, a break above the July 2024 high will be massive.

For this reason, every dip above $0.55 might allow aggressive traders to double down, targeting $0.66.

Conservative traders can wait for this rally before committing. Still, their target can be $0.74 and $1 in the short to medium term.

A high volume contraction below $0.55 will poke holes into the strength of bulls.