Will XRP Price Surge Post Ripple vs. SEC Legal Battle?

• XRP Price in the last 24 hours showed an increase of 1.53% according to CMC data. 
• The token’s daily trading volume recorded 24.22% declines.

The overall crypto market, much to investor relief, has begun showing signs of price recovery. Leading cryptocurrencies have shown upward movements in price. Parallely, Ripple’s XRP also witnessed price hikes in Asian morning hours. The token recorded a 1.53% increase in price over the last 24 hours. 

Notably, it initially traded at $0.4334 on July 9, before sliding to an intra-day low of $0.431. However, as the day progressed with several fluctuations the token finally gained an upward price momentum showing green candles. At the time of writing, XRP was trading at $0.4419 having taken a bullish turn. Meanwhile, the token has shown a 24.22% decline in daily trading volume according to CMC data. 

Ripple was subjugated to the SEC’s scrutiny in 2020 and fought a tenacious legal battle for the last 4 years. The XRP token, often priced in the legal status of its battle with the SEC,  showed fluctuations. The Ripple Vs. SEC lawsuit is expected to come to a close by this month. 

XRP Price Over the Month

In the last 30 days, XRP price showed a price performance of 11.69% decline. At the beginning of June, the token was trading at $0.5169. As the month progressed, with the heated lawsuit, the token took a bearish turn, falling downwards to find support at the $0.4496 level. 

Moreover, the past week recorded a price decline of 8.41%. On July 5 XRP price hit a 5-week low of $0.3823. Additionally, the price decline has instigated selling pressures in the market. The token’s RSI stands at 41.31 indicating the sentiment per TradingView reports.

XRP/USDT Daily Price Chart (Source: TradingView)

Furthermore, the token’s short-term 9-day MA stands below the long-term 21-day MA highlighting the bearish sentiment. However, the recent price hike signals a price recovery. If XRP sustains the upward momentum then a bullish comeback can be expected. Meanwhile, in the last 24 hours, XRP whales have shown movements drawing market attention. 

Additionally, market analysts have stated that if the market remains bullish XRP will test new resistance levels in the coming months. TheNewsCrypto analysts have predicted a bullish price of $0.5969 for 2024. However, if bears take over, the XRP price may fall to $0.3506. 

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