$6 XRP Price Very Likely as Recent Ruling on Crypto Secondary Sales Bolsters Ripple vs. SEC Case

04.07.2024 / Payment system news

XRP will explode past $6 amid positive market sentiment regarding the outcome of the Ripple vs. SEC lawsuit.

According to analyst “Egrag Crypto” on X, XRP could hit $6.40 as the market reacts to recent developments around Ripple. 

One such development is the recent win by Binance’s BNB against the US Securities and Exchange Commission (SEC). The win upheld Judge Analisa Torres’ ruling on the Ripple case that crypto secondary sales do not qualify as securities. 

The XRP community is confident that a major price breakout could be around the corner once Ripple secures a court victory. 

XRP Price Poised For A Rally to $6

Analyst Egrag Crypto noted that the XRP price had crossed above the 0.236 Fibonacci retracement level on the monthly timeframe. This movement suggests strong bullish momentum, and the price could continue to rise.

If the XRP price bounces from Fib 0.5, the next stop will be Fib 1.618, at which point XRP will trade at $6.40.

XRP is struggling to break past a crucial resistance at $0.50. With the Relative Strength Index (RSI) slightly above 50, the crypto is neither overbought nor oversold, showing neutral market sentiment.

The price is also near the middle band, the 20-day Simple Moving Average (SMA), and traders must watch for a price breakout above the upper Bollinger band to confirm the bullish thesis.

For XRP to start the inevitable rally towards $6, it must break the psychological barrier at $0.50. An increase in buyer support amid the developments in the Ripple ecosystem could see XRP soar past $0.74 in the short term before aiming for $6. Therefore, monitoring the RSI should give insights into potential price movement.

Renewed Confidence In Ripple vs. SEC Case

A series of developments around the Ripple ecosystem have analysts foreseeing a major price rally.

As reported earlier by ZyCrypto, Ripple’s CEO has stated that XRP and Bitcoin are the only two crypto assets in the US with regulatory clarity. His sentiments follow last year’s ruling by Judge Torres that XRP’s secondary sales do not qualify as securities.

Judge Torres’ ruling was solidified recently by District Judge Amy Berman Jackson, who also ruled against the SEC in a case against Binance. Judge Jackson ruled that the secondary sales for BNB also failed to qualify as securities.

The separate rulings set a major precedent in the crypto cases filed by the SEC against crypto issuers. According to Pro-XRP lawyer Bill Morgan, Judge Torres will no longer face criticism for her ruling in the Ripple vs. SEC case.

“This is just fantastic news for crypto and for XRP holders too, really, after all the criticism of Judge Torres’ impeccable reasoning in the SEC v Ripple case,” Morgan stated.