XRP Price Soars 18% As Ripple Hails ”Victory” Over SEC Despite $125 Million Penalty, And Experts Say This Base Meme Coin Might Be The Best Crypto To
The XRP price soared 18% in the last 24 hours to trade at $0.6104 as of 00:41 a.m. EST on trading volume that skyrocketed 199% to $4.9 billion.
This comes as a federal judge ordered Ripple to pay $125 million in civil penalties for improperly selling XRP. Its executives see the end of the three-year securities lawsuit against Ripple Labs as a “victory” after the Securities and Exchange Commission had called for a penalty in the region of $2 billion.
The ruling now puts Ripple’s case with the SEC in its final stages since the lawsuit was initially filed in December 2020. Can this outcome propel the price of XRP towards a long-term recovery?
XRP Price To Continue Rallying
The XRP price has been trading in a sideways pattern from mid-July to July 31 within the $0.60 range, according to data from GeckoTerminal .
XRP then tumbled from August 1, with the market clash on Monday adding to the bearish sentiments, as the price of XRP dropped to the $0.45 support zone. The bulls then capitalized on this support to push the token through a markup phase, forming a rounding bottom pattern and back to the $0.64 resistance.
The XRP price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation that the asset is now on a sustained bullish rally.
Moreover, the RSI is climbing up from the 50-midline level, now at 68, as it hurtles towards the 70-overbought zone, an indication that XRP is currently overbought and overvalued.
The Moving Average Convergence Divergence (MACD) is also bullish, as it draws close to breaching the neutral line. The blue MACD also crosses above the orange signal line, a representation of a bullish crossover.
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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