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Crypto Boom: XRP Price Surges on Ripple's Legal Win

By ChangeNOW | ChangeNOW Crypto Blog | 14 Jul 2023


In a remarkable twist, the price of XRP, the native digital asset of the XRP Ledger, underwent a notable surge after Ripple's recent legal triumph. Join us in this article as we delve into the details of this highly favorable outcome, which holds great significance for the entire crypto community. Plus, we'll share some tips on how to buy XRP on the best platform, ChangeNOW.  

 

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The Ripple Legal Battle

In a highly anticipated legal battle spanning three years, Ripple and the Securities and Exchange Commission (SEC) found themselves locked in a courtroom clash. In 2020, the SEC filed a lawsuit against Ripple, alleging that the company violated U.S. securities laws by selling XRP without registering it with the agency. This case has drawn significant attention from the cryptocurrency community, as its outcome could have far-reaching implications for the entire industry.

On July 14, 2023, Judge Analisa Torres, presiding over the Southern District of New York, delivered a ruling on the matter. The court determined that Ripple's programmatic sales and other distributions of XRP did not meet the criteria for constituting an offer and sale of investment contracts. However, the court did find that Ripple's institutional sales of XRP did qualify as an unregistered offer and sale of investment contracts, thereby violating Section 5 of the Securities Act. This ruling marks a significant development in the legal battle between Ripple and the SEC.

XRP Price Surge

The court's ruling was a major victory for Ripple, as it provided greater regulatory clarity and certainty around the status of XRP. In response, XRP’s price skyrocketed, reaching highs not seen in months. At its highest point, XRP was trading at $0.93, just shy of hitting the $1 mark. The XRP community was overjoyed, and the excitement was visible in the token's price action.

XRP Overtakes BNB Coin

The XRP price surge has also had a significant impact on the cryptocurrency's market cap. XRP has overtaken Binance Coin (BNB) to become the fourth-largest cryptocurrency in terms of market cap. As of writing, XRP is trading at $0.7767, with a market cap of over $40.81 billion.

Whale-Backed XRP Rally

Several indicators suggest that XRP's ongoing price pump may not be just a short-term reaction to the positive news for Ripple. Trading volumes for XRP have reached a 10-month high, and the number of XRP whale transactions has climbed to its best level in 2023, suggesting that the wealthiest investors back the XRP rally. Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000-10 million token balance.

 

Buy XRP

 

XRP Price Prediction

From a technical standpoint, XRP can test the key $1 level in the coming days. However, its potential to continue its rally beyond looks weak for the time being. The pullback on July 14 occurred near a resistance confluence comprising a multiyear horizontal trendline and a giant descending trendline ceiling. In addition, XRP's weekly relative strength index (RSI) has turned overbought, raising its correction prospects.

Should a pullback occur, XRP price risks dropping toward its multiyear ascending trendline support near $0.45 by September, down around 55% from the current price level. Other price targets include the token's 50-week exponential moving average (50-week EMA) **near $0.48 **and 200-week EMA (the blue wave) near $0.50.

ChangeNOW: The Best Platform for Buying and Exchanging Crypto

If you're interested in buying XRP, you might be wondering where to start. ChangeNOW is a user-friendly platform that makes it easy to buy and exchange crypto. With ChangeNOW, you don't need an account to get started, and the platform offers competitive rates and secure transactions.

ChangeNOW is also interested in the XRP Ledger, the underlying technology behind XRP that provides fast and efficient cross-border payments. As the demand for cross-border payments grows, the XRP Ledger is poised to become a major player in the fintech industry.

How to Buy XRP on ChangeNOW

To buy XRP on ChangeNOW, follow these simple steps:

  1. Go to ChangeNOW's website and select XRP from the list of available cryptocurrencies.
  2. Enter the amount of XRP you want to buy and the currency you want to pay with.
  3. Enter your XRP wallet address and confirm the transaction.
  4. Sit back and relax! Your XRP will be delivered to your wallet in a matter of minutes.

It's that easy! With ChangeNOW, you can jump on the wave of the current crypto boom and start investing in XRP today.

Buy XRP

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ChangeNOW is a non-custodial service created for simple and fast cryptocurrency exchanges. We strive for maximum safety, simplicity, and convenience. We do not store your funds or require any sort of account creation. https://changenow.io/


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