XRP eyes over 5% gains, could break above July 2024 high amidst positive developments
- Ripple pushes forward in its stablecoin project, RUSD testing on XRP Ledger and Ethereum continues.
- Pro-crypto attorney shares thoughts on an SEC appeal on the lawsuit ruling, whether it is likely and what to expect.
- XRP targets over 5% gains and a return to levels previously seen in July 2024.
Ripple (XRP), a cross-border payment remittance firm is making strides in the development of its stablecoin Ripple USD (RUSD). The asset is in the testing phase on the XRP Ledger and Ethereum blockchain.
XRP holders are digesting the possibility of Securities & Exchange Commission’s (SEC) appeal against the final ruling in the Ripple lawsuit.
XRP trades at $0.6251 early on Sunday.
XRP eyes over 5% gains
XRP has been in a downward trend since mid-July. The altcoin holds steady above key support at $0.6200. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars meaning there is underlying positive momentum in XRP price trend.
XRP could extend gains by 5.55%. The 50% Fibonacci retracement of the altcoin’s decline from its July 2023 top of $0.9380 to the July 2024 low of $0.3823, at $0.6602 is a key level for XRP.
The native token of the XRP Ledger could find support in the Fair Value Gap between $0.5972 and $0.6076. This is an imbalance zone where XRP could sweep liquidity in its path to the July 2024 high of $0.6602.
XRP/USDT daily chart
XRP could face resistance at the August 7 high of $0.6434 in its path to $0.6602 on Sunday.
Pro-crypto attorney believes SEC could appeal
Pro-crypto attorney John Deaton who acted as amici, or friend of the court in the SEC vs. Ripple lawsuit helped XRP holders digest the likelihood of an appeal by the US financial regulator. Deaton argues that an appeal would be a waste of taxpayer money and SEC Chair Gary Gensler could possibly go ahead with the same.
Deaton shares his stance in a tweet thread on X.
As someone who knows the @Ripple case very well, considering I was an active litigant for over 2 1/2 years, and considering Judge Torres cited my Amicus Brief, and the 3,800 XRP Holder Affidavits I submitted, as well as my efforts, as Amicus Counsel, in the @LBRYcom case (see… https://t.co/Ot7AgoFQh7
— John E Deaton (@JohnEDeaton1) September 26, 2024
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
