Ripple’s XRP token is witnessing a trend reversal, while other assets continue to struggle. XRP is currently the best-performing cryptocurrency among the top 100 projects by market cap. The asset has rallied 8.8% in the last 24 hours, 5.8% in the weekly charts, 5.5% in the 14-day charts, and more than 35% over the previous month.
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The latest rally is likely due to increased investor hopes for a settlement in the SEC vs. Ripple lawsuit. A recent filing by the US SEC shows that the financial regulator wants to amend its complaint against Binance regarding “Third Party Crypto Asset Securities.” What this implies is that the judge will not have to give a ruling on whether certain crypto assets are securities or not just yet.
The SEC’s move may have boosted investor sentiment and led to increased hopes around Ripple’s XRP being deemed a non-security.
Will Ripple’s XRP continue to rally?
The general market is still in a slightly bearish phase with Bitcoin falling to just over $66,000. There is a possibility that XRP’s rally will continue and the asset hit a new yearly peak. There is also a chance that there will be a quick reversal followed by a price correction. The judge is yet to decide on the case and there is no confirmation about XRP’s status as a security.
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CoinCodex analysts anticipate Ripple’s XRP to surge over the next few days, hitting $0.88 on Aug. 4, 2024. Reaching $0.88 from current levels would translate to a rally of about 35.3%. The platform, however, does not anticipate prices to hold, predicting a dip to $0.68 by late August.
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