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Ripple Prospers as SEC U-turns in Binance Case & XRP Soars

Ripple Prospers as SEC U-turns in Binance Case & XRP Soars

DailyCoinDailyCoin2024/07/31 11:08
By:DailyCoin
  • The SEC vs. Binance lawsuit has the potential to become Ripple’s golden ticket.
  • Market sentiment towards XRP has shifted, leading to its soaring price.
  • Technical indicators have signaled a bullish breakout for XRP.

A seismic shift in the cryptocurrency landscape may be unfolding. The ripple effects of the SEC’s amended complaint against Binance have sent shockwaves through the market, with XRP emerging as a potential beneficiary. XRP has surged in both price and trading volume, igniting speculation that a long-awaited resolution to its legal battle with the SEC could be on the horizon.

SEC’s Binance Move Could Boost Ripple Case

Analysts believe that the SEC’s decision to exclude other cryptocurrencies like Solana , Cardano , and Polygon from its securities allegations against Binance could accelerate the resolution of the Ripple lawsuit. This development has bolstered investor confidence in XRP.

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Ripple’s CEO Brad Garlinghouse and Ripple’s CLO Stuart Alderoty have been vocal about the SEC’s inconsistent regulatory approach, criticizing the agency for failing to provide clear guidelines for the cryptocurrency industry. The recent amendment to the Binance complaint could strengthen Ripple’s position in challenging the SEC’s classification of XRP as a security.

When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate. https://t.co/xtfLdXWoO8

— Stuart Alderoty (@s_alderoty) July 30, 2024

While favorable regulatory developments and investor sentiment have contributed to XRP’s recent upward trajectory, a deeper dive into technical market factors provides additional insights into the cryptocurrency’s potential.

Technical Analysis Points to XRP Rally

Technical analysis suggests that XRP has successfully broken out of a prolonged period of consolidation, forming a bullish triangle pattern. This breakout has set the stage for a potential rally towards the formidable $0.90 resistance level. A breach of this critical juncture could ignite a parabolic ascent, potentially propelling XRP to unprecedented heights.

This bullish momentum is reflected in XRP’s recent performance. In the past 24 hours, the cryptocurrency has surged by 8%, solidifying its position at $0.65 and boosting its market capitalization to $36.2 billion. As a result, XRP has reclaimed its coveted sixth spot in the cryptocurrency rankings, eclipsing the influential USDC stablecoin.

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At the same time, a surge in whale activity has boosted bullish sentiment. On-chain data from Santiment shows a significant increase in wallets holding at least 10,000 XRP, reaching a six-month high of 279,400 active addresses on the XRP Ledger . Historically, large XRP holdings have strongly correlated with price appreciation.

On the Flipside

  • While the SEC’s action against Binance has sparked optimism for XRP, it’s essential to note that the regulator’s primary target remains Binance.
  • Technical analysis is a tool, not a crystal ball. Past performance is not indicative of future results, and price patterns can be misleading.

Why This Matters

The SEC’s actions might benefit Ripple significantly. By excluding other cryptocurrencies in its Binance case, the SEC inadvertently strengthens Ripple’s argument that XRP is not a security. This regulatory inconsistency could be crucial in the Ripple lawsuit, potentially leading to a favorable ruling and resolving the regulatory uncertainty surrounding XRP.

To learn more about the misconceptions surrounding the Ripple-SEC lawsuit, including the possibility of an appeal, read here:
Lawyer Debunks Ripple-SEC Case Myths as Tensions Heat Up

To learn more about the leaked SEC meeting with Ripple Labs and its potential impact on the lawsuit, read here:
New SEC and Ripple Meeting: Leak Suggests This Time It’s Real

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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