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XRP price skyrocketed more than 18% crossing the the major resistance level at $0.5. Amid the rally, investors anticipate further upward momentum in the crypto’s performance. By Rupam Roy 1 day ago
Highlights
- XRP rockets more than 18%, sparking discussions in the market.
- The crypto community reacts to the soaring price action of the crypto.
- On-chain data indicates a further rally in Ripple’s native crypto.
XRP News Today: Ripple’s native crypto has noted a weekly advancement of over 18%, soaring past the major resistance of $0.5. Notably, this robust surge has sparked discussions over the potential reasons behind the recent surge. Besides, the crypto community, including pro-XRP lawyer Bill Morgan also reacted to the soaring price of over 12% today.
So, here we take a look at the potential reasons behind the recent surge in the XRP price today and see where it is heading next.
XRP News Today: Why Is The Price Rising Today?
Ripple CEO Sparks XRP ETF Buzz
The recent buzz over XRP ETF has taken the community by storm. For context, CME Exchange has recently announced to introduction of new reference rates and real-time indices for the crypto. This has fueled speculation over a potential ETF launch.
In addition, Ripple CEO Brad Garlinghouse has lauded the development, citing it as the “first step towards institutional crypto products.” Besides, the recent buzz in the ETF market, with anticipation over U.S. Spot Ethereum ETF launch next week, the market is eyeing for a potential ETF for Ripple’s native crypto.
Speculations Over Ripple Vs SEC Lawsuit
The Ripple Vs. SEC lawsuit has also gained notable traction in the market. The latest XRP news today has sparked speculations in the market, as the U.S. SEC has announced a “close to the public” meeting on July 18.
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According to the XRP community, the meeting could be focused on a potential settlement in the ongoing legal battle of Ripple. In addition, the SEC dropping investigation on several crypto projects like Paxos, Hiro, and others, has also fueled market optimism lately.
This could have also bolstered the confidence of the community toward the XRP price.
One Year Since ‘XRP Is Not A Security’ Ruling
July 13 marks an important date for Ripple, as highlighted by the firm’s executive in recent X posts. For context, on July 13, 2023, Judge Analisa Torres ruled that XRP is not a security, which has created a buzz in the broader crypto market.
Several Ripple executives, including Ripple CLO Stuart Alderoty and CEO Brad Garlinghouse, have expressed optimism recently celebrating the historic event. In a recent X post, Garlinghouse stated:
“July 13, 2023 – that day was a very good day – for Ripple and the entire industry. And for me personally, a core memory!”
This optimism over Ripple Vs. SEC lawsuit might have also helped gains in the crypto today, bumping its price up by more than 12% in the last 24 hours.
Where’s XRP Price Heading Next?
The recent optimism hints towards a further rally in XRP price. According to a recent price analysis by CoinGape Media, XRP has the potential to hit $5 in the 2024 or early 2025 bull run.
Meanwhile, the recent surge has not gone unnoticed by the pro-XRP lawyer Bill Morgan, who had previously voiced for buy-the-dip. In a previous X post, he said that he has added more coins to his portfolio as the price dropped to $0.4 earlier this month. In addition, he also said that he would be acquiring more if the price dips further.
However, sharing the current price chart on X today, he expressed satisfaction with his earlier decision, saying he is “glad”. As of writing, the XRP price was up more than 12% and crossed the $0.51 level. Over the last seven days, the price has noted an increase of about 18%.
According to CoinGlass data, XRP Futures Open Interest was up more than 24%, reflecting the bullish momentum hovering in the market. Besides, the trading volume of the crypto also soared more than 73% today in a 24-hour time-frame to $2.02 billion.