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On July 13, Ripple won a significant victory over the XRP case in the United States District Court for the Southern District of New York. Judge Annalisa Torres Government Originally in favor of Ripple in a case initiated by the Securities and Exchange Commission (SEC) in 2020.
In the most recent filing on July 13, Judge Torres issued a summary judgment, conclusively supporting payments company Ripple and its claims against the SEC. The decision confirms that the XRP token sale by the payments company at the center of the case is not classified as a security.
The decision immediately affected the XRP price, which surged by over 35% in the wake of the decision. The decision shielded a large portion of Ripple’s operations from becoming the target of SEC action.
The court ruling acknowledged that the programmatic sales and sales conducted by Ripple executives Chris Larsen and Brad Garlinghouse did not qualify as investment contracts.
However, this ruling only partially resolves the legal dispute with the SEC. The court has invalidated the investment contract designation for programmatic sales and other forms of distribution, but other items remain disputed.
The value of XRP has increased from $0.45 to $0.62. Due to this price increase, XRP has reached a yearly high. The coin had achieved this value level in early May last year.
XRP Price Analysis: One Day Chart
On the daily chart, XRP has experienced an impressive growth of 34%, trading at $0.62. During the week, XRP gained almost 30%. However, at the time of writing, the token was considered oversold. This suggests that a price retracement might be possible in the upcoming trading sessions.
In the past, when XRP reached $0.60, it was followed by a massive price drop. The coin is facing overhead resistance at $0.67.
A move above this level could help XRP to maintain its gains for a longer period of time. If the price declines, the first line of support is $0.57. A break below this level would send XRP down to $0.50.
The technical outlook indicates extremely bullish strength, with demand and accumulation showing significant positivity.
The Relative Strength Index is above 80, which indicates that the coin is overbought and overvalued, increasing the likelihood of a price retracement.
However, if the price holds above the 20-simple moving average line (red), which coincides with the $0.58 price mark, demand is expected to remain positive.
The moving average convergence divergence shows price momentum and trend reversal and shows a long green histogram, indicating a buy signal. The next few trading sessions will be crucial for XRP.
Featured Image from Fox Business, Chart from Tradingview.com
