As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The recent performance of XRP, the sixth-largest cryptocurrency by market capitalization, has certainly caught my attention.
XRP, the six-biggest cryptocurrency by market capitalization, has secured its biggest weekly close of the year.
The controversial cryptocurrency ended Sunday well above the $0.64 level on the Binance exchange.
Based on information from CoinGecko, the price is currently at approximately $0.6518 and has increased by over 6% in the last 24 hours. With a total value of around $36.8 billion, it now ranks sixth in terms of market capitalization, pushing aside Circle’s USDC token to take this position.
This significant victory goes to the ‘bulls’ as they finally managed to break through the challenging $0.60 barrier they had been attempting to exceed.
According to U.Today’s report, XRP was one of the top performers among the leading 100 cryptocurrencies on Sunday. Interestingly, it was the only significant altcoin that managed to keep pace with a group of rapidly rising meme coins.
Significantly, the price of bulls didn’t manage to surge beyond $0.60 after the final verdict in the Ripple case in August. At that time, there was merely a brief price increase that didn’t lead to a strong price upsurge.
Despite XRP showing potential signs of surpassing the overall market after its significant weekly close, there’s still a possibility that the U.S. Securities and Exchange Commission may complicate matters for optimistic investors.
The deadline for the SEC’s appeal in the Ripple case is set for Oct. 6.
According to U.Today’s report, there are ongoing whispers that the agency may contest the July 2023 summary judgment verdict.
If the SEC decides to challenge the case, it’s likely to have a detrimental impact on XRP‘s price trajectory. However, it’s important to note that the appeal process could be lengthy, and any potential ruling reversal is not expected before 2026, as per legal analyst Fred Rispoli’s predictions.
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2024-09-30 09:13