XRP's price surged by 8% following the SEC's decision to retract its request for certain cryptocurrencies to be classified as securities in its case against Binance. This move has sparked speculation about a potential resolution to the ongoing Ripple lawsuit, particularly after a private SEC meeting. Additionally,
Key Points:
- $XRP experienced a significant price increase after the London trading session on Tuesday, driven by the SEC's withdrawal of its request.
- Pro-XRP lawyer Fred Rispoli's comments have fueled rumors about a possible imminent settlement of the Ripple lawsuit.
- Russia's recent legislation allowing international payments in cryptocurrencies is expected to boost XRP demand.
- During US market trading, XRP's price reached $0.6415, aligning with previous levels.
- The current trend for XRP is bullish, having broken through the 50-day and 200-day exponential moving averages (EMAs).
- A golden cross signal indicates that XRP is in a strong bullish trend, with a short-term target of $0.84.
The recent 8% rise in XRP's price came after the SEC pulled back its request for securities classification of certain cryptocurrencies in its case against Binance. This has led to heightened speculation about the Ripple lawsuit nearing a resolution, especially in light of the SEC's closed-door meeting. Furthermore, Russia's decision to allow international payments using cryptocurrencies has provided additional support for XRP's price increase.
Prominent pro-XRP lawyer Fred Rispoli's remarks have fueled the belief that a settlement in the Ripple lawsuit could be imminent. Concurrently, Russia's move to legalize cryptocurrency for international payments is expected to significantly drive XRP demand. .
XRP's current trend is upward, having broken through both the 50-day and 200-day EMAs, indicating strong bullish momentum. The emergence of a golden cross signal suggests a robust bullish trend with a short-term target set at $0.84. .