XRP Shows Resilience Amidst Recent Pullback
XRP has demonstrated resilience after experiencing a recent pullback to the $1.25-$1.30 range, where it found strong support. The cryptocurrency is currently outperforming other major coins, indicating potential for future growth. XRP has seen a more than seven percent increase in the last 24 hours and is currently trading near the $1.45 levels.
Despite the recent rally, experts caution that XRP is still in a consolidation phase. The key resistance level remains at $1.50, and analysts believe breaking above this level may pose challenges without sustained momentum.
Currently, XRP is expected to remain within its current range, with a possible upside to $1.70-$1.75 if bullish momentum continues. In a significant development, Ripple has partnered with Bitwise, rebranding its XRP ETP to the Bitwise Physical XRP product. This move signifies a significant step for Ripple and XRP, as companies move forward in applying for XRP ETFs.
Ripple Vs SEC Update:
The recent resignation of Gary Gensler has sparked speculation about the outcome of the case. The SEC is set to present its final arguments in the Ripple case by January 15, 2025. Ripple’s cross-appeal aims to secure a ruling affirming XRP’s status as a non-security.
Former CFTC Chairman Giancarlo has suggested that the incoming Trump administration may drop the SEC’s case against Ripple. With previous court rulings favoring XRP and a change in leadership, Ripple’s legal position appears to be strengthening. Giancarlo stated, “I would recommend that regulatory agencies dismiss many of these cases where they have been defeated. I believe they should dismiss the XRP case. I am confident they would.”
With Ripple’s legal position improving, XRP may soon be able to fully participate in the current bull run, especially if there is a change in SEC leadership and more favorable regulatory conditions for cryptocurrencies.
