On July 13, Ripple won a major victory in the U.S. District Court for the Southern District of New York regarding the XRP case. In a case initiated by the U.S. Securities and Exchange Commission (SEC) in 2020, Judge Analisa Torres ruled in favor of Ripple.

In a recent filing on July 13, Judge Torres issued a summary judgment decisively in favor of payments company Ripple and its claims against the SEC. The ruling confirmed that the XRP token sales conducted by the payments company at the center of the case were not securities.

The decision had an immediate impact on the price of XRP, which surged more than 35% following the ruling, which removed much of Ripple’s business from the SEC’s crosshairs.

The court’s decision acknowledged that programmatic sales, as well as sales conducted by Ripple executives Chris Larsen and Brad Garlinghouse, did not qualify as investment contracts.

However, the ruling only partially resolves the legal dispute with the SEC. The court has declared investment contract designations for programmatic sales and other forms of distribution invalid, but other items remain controversial.

The value of XRP surged from $0.45 to $0.62. This price surge caused XRP to reach a new yearly high. The coin reached this price level in early May of the previous year.

XRP is trading at $0.62 on the daily chart

On the daily chart, XRP has seen gains of up to 34% and is trading at $0.62. Over the week, XRP has gained nearly 30%. However, as of the time of writing, the coin is considered oversold. This suggests that the price could see a pullback in the coming trading sessions.

In the past, when XRP reached $0.60, the price soon dropped sharply. The coin faces overhead resistance at $0.67.

A breakout above this level could help XRP hold its gains for longer. If the price experiences a pullback, the first support line is $0.57. A break below this level would drop XRP to $0.50.

The technical outlook shows overly bullishness, with demand and accumulation showing significant positivity.

The relative strength index is above 80, which indicates that the coin is overbought and overvalued, increasing the likelihood of a price pullback.

However, if the price stays above the 20 simple moving average (red), which coincides with the $0.58 price mark, demand is expected to remain positive.

Moving average convergence divergence reflects price momentum and trend reversal and shows a tall green histogram, indicating a buy signal. The next few trading sessions will be crucial for XRP.