- Q3 shows signs of a potential uptrend for Ripple’s XRP despite earlier declines.
Legal wins for Binance and Ripple clarify regulations and influence XRP’s market outlook.
As an experienced financial analyst, I’ve been closely monitoring the cryptocurrency market, specifically Ripple’s XRP, and I see potential for an uptrend in Q3. The recent legal wins for Binance and Ripple have provided much-needed clarity on regulations, which has influenced XRP’s market outlook positively.
In the first quarter of 2024, Ripple’s XRP reached its peak price of $0.68 on March 10th – a new high for the year. However, it has been difficult for XRP to surpass this value in the subsequent periods.
On the twelveteenth of March in the second quarter, XRP suffered a substantial drop from a value of $0.60 to $0.50, and since then it has failed to regain those lost gains.
The most recent data as of July 1st reveals that XRP experienced a 1.16% price rise over the last 24 hours, suggesting a favorable trend within the market. However, it currently sits at a price of $0.48, falling short of its March peak levels.
XRP poised for a bull run?
The recent increase in XRP‘s price might indicate a resurgence of investor attention or positive influences at play.
Remarking on the same, Armando Pantoja, Advisory Council Member at Benzinga said,
“$XRP on verge of breakout to $5 soon!”
As a researcher studying the cryptocurrency market, I’ve observed that XRP appears ready to surge past the resistance levels of a symmetrical triangle formation evident on its price graph.
Thereby, signaling the potential for significant price movement in the direction of the breakout.
As a cautious crypto investor, I would advise taking Pantoja’s forecast of a 1,000% increase in XRP‘s price with a healthy dose of skepticism. Given the present circumstances surrounding this digital asset, it seems prudent to approach such predictions with caution.
Ripple vs. SEC
This aligns with recent developments in the SEC’s legal battle with Binance.
On June 28, Judge Amy Berman Jackson ruled in favor of Binance [BNB] and its founder, Changpeng Zhao, dismissing certain parts of the SEC’s lawsuit against them.
As a researcher studying the legal classification of cryptocurrencies, I can share that according to the recent ruling, my secondary sale of Binance’s BNB coins does not meet the criteria set forth in the Howey Test for securities.
As an analyst, I would put it this way: My analysis reveals a striking resemblance between the judgment handed down by Judge Analissa Torres in the Ripple vs. SEC case and a previous outcome.
Expressing his opinion on the matter, Ripple Chief Legal Officer Stuart Alderoty noted,
Despite the Securities and Exchange Commission’s (SEC) attempts to confuse the issue with inconsistent legal perspectives, courts are piercing through their arguments. The Binance ruling handed down last night may be lengthy, but it’s definitely an enlightening read.
He added,
“Expert opinion: In the SEC vs Ripple case, Judge Torres made an accurate assessment – XRP as a digital asset, on its own, does not qualify as a security. This perspective is gaining recognition from other courts and aligns with existing legal frameworks.”
A word of caution
As an analyst, I would advise investors that the current price uptrend may prove to be transient based on the signals from two commonly used technical indicators: RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence). Both of these indicators are suggesting that sellers have taken control of the market.
Thus, whether Q3 will favor XRP or not, remains uncertain.
To turn bullish, XRP needs to overcome the resistance at $0.52. On the other hand, a drop below the support at $0.45 may strengthen the bearish trend over the bullish one.
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2024-07-01 19:04