• Ripple recently won the lawsuit against SEC, causing a surge in XRP price.
• Investors aggressively buying XRP token pushed it to a 19-month high.
• Relisting of XRP by exchanges could add more bullish tailwinds in favor of the token.
Ripple Wins Lawsuit Against SEC
Ripple recently won a major legal battle against the U.S Securities and Exchange Commission (SEC). The Southern district court New York district delivered a resounding judgment today, ruling in favor of Ripple in the case regarding their XRP token being deemed as an unregistered security. This victory has seen the XRP price rocketing to new highs as investors flock to buy the token.
XRP Price Surges To 19-Month High
As news of Ripple’s win against the SEC hit the wires, investors started aggressively buying up the token, propelling its price to its highest level since December 2021 at $0.934 on July 13th . However, profit booking resulted in some day’s gains being pared away, with Relative Strength Index (RSI) levels breaking into overbought region at 87.82 on daily charts , which is often considered as a sell signal . If this selling pressure continues, then it could lead to prices dropping back down to support near $0.75 or even $0.653 before recovering again .
Exchanges Announce Relisting Of XRP
Judge Analisa Torres definitively stated that Ripple (XRP) does not qualify as a security , leading exchanges that had previously delisted it now considering relisting it . Crypto exchange Gemini was one of the first one’s out of many who announced exploring listing for both spot and derivatives trading . With more and more exchanges relisting XRP , this could add additional bullish tailwinds for further growth potential for the token .
Given Ripple’s win against SEC, traders might continue buying up anticipation for an upcoming rally – pushing prices up towards resistance near $0.897 and potentially challenging psychologically vital level at $1.04 before retreating back again .
The recent win by Ripple against SEC has caused much excitement among crypto investors with aggressive buying pushing prices up to a 19-month high – with potential further upside if more exchanges join suit in relisting XRP and adding additional bullish tailwinds for further growth potential