Crypto News

Decoding the Surge: Why Ripple (XRP) Price Is on the Rise Today

Ripple’s XRP Makes a Notable Move

Ripple’s XRP has witnessed a 7% surge in its price within the last 24 hours, currently trading at $0.51, breaking a significant resistance level at $0.50. This performance positions XRP as one of the top performers among the top 10 cryptocurrencies based on total market capitalization.

Testing Key Resistance

The cryptocurrency had previously made attempts to breach the crucial psychological and technical resistance level at $0.50. However, in those attempts, the bullish momentum could not be sustained, leading to XRP slipping back below this threshold. It remains to be seen whether the current move will result in a more convincing breach of this resistance level.

Legal Victory Fuels the Surge

The primary catalyst for the surge in XRP’s price is once again tied to the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC).

As reported by CryptoPotato, the SEC has cleared Ripple’s CEO, Brad Garlinghouse, and the company’s Executive Chairman, Chris Larsen, of all allegations in a long-standing securities violation case. This legal dispute originated in 2020 when the SEC accused Ripple of distributing XRP without registering the asset as a security, thus violating applicable regulations.

While this legal development is a prominent factor, it’s essential to acknowledge that the broader cryptocurrency market is experiencing a positive trend today, which could be contributing to XRP’s gains. This uptick has also benefited other altcoins, with Solana, for instance, trading at approximately $26.3 today, marking a gain of over 10% in the past 24 hours.

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