- Ripple issued a new release for XRP Ledger software version 2.2.1, urging servers to upgrade.
- SEC vs. Ripple lawsuit ruling is awaited this week, traders keep eyes peeled for developments in the legal battle.
- XRP breaks sticky resistance at $0.65, extends gains by nearly 3%.
Ripple (XRP) is making headlines for the anticipated final ruling in the Securities & Exchange Commission (SEC) lawsuit. The lawsuit and SEC’s stance on XRP has acted as an influential market mover for XRP since the beginning.
XRP traders are awaiting the lawsuit’s outcome, either a settlement or Ripple’s win. The hope is fueled by the SEC’s recent move to back down on its request to treat Solana (SOL), Cardano (ADA) and Polygon (MATIC) as securities.
XRP changes hands at $0.6481 at the time of writing.
Daily digest market movers: Ripple lawsuit ruling expected soon, developers issue XRP Ledger upgrade
- US financial regulator SEC alleges that Ripple sold unregistered securities (XRP token) to institutional investors. The firm is faced with fines to the tune of $2 billion. Judge Analisa Torres is expected to rule on this issue soon.
- XRP traders have their eyes peeled for the final ruling in the Ripple lawsuit for two reasons:
- XRP has legal clarity as a non-security in its secondary market transactions (trade on exchanges)
- If the SEC chooses to appeal the ruling it could influence XRP negatively
- Ripple has proposed $10 million in fines for the alleged securities law violations, while the SEC says even by the payment remittance firm’s logic (in its letter comparing the lawsuit to Terraform Labs’ case) the fines should be $102.6 million.
- Pro-crypto attorney Fred Rispoli predicts that the Ripple lawsuit could end this month.
- XRP continues to enjoy the spotlight, as talks of further altcoin ETFs, likely Solana, XRP do the rounds. Franklin Templeton recently tweeted about a Solana ETF. XRP proponents argue that it is likely XRP Ledger’s native token gets a spot ETF product of its own.
- Analyst behind the X handle @CryptoKaleo said in a recent tweet:
Why is XRP starting to trade like it’s about to be announced for an ETF
— K A L E O (@CryptoKaleo) July 31, 2024
- XRP Ledger developers continue to ship updates to the latest version 2.2.1 and urge those running a server to upgrade it at the earliest opportunity.
A new release for rippled 2.2.1 is now available!
This core XRPL software update contains two minor bug fixes. If you operate an XRPL server, please upgrade at your earliest convenience to ensure service continuity.
Find out more about the update: https://t.co/CtGhxOOqqE
— RippleX (@RippleXDev) July 31, 2024
Technical analysis: XRP could extend gains by nearly 15%
Ripple broke out of its multi-month downward trend and is rallying toward its first target of $0.6666, the 78.6% Fibonacci retracement level of the decline from March 11 to July 5. Ripple could target the 2024 peak of $0.7440, the March 11 top for the altcoin. This marks a 14.5% rally from the current price.
XRP could find support in the Fair Value Gap (FVG) between $0.6256 and $0.6379. If there is a correction in the altcoin, it could sweep liquidity in this imbalance zone before resuming its rally toward its 2024 peak.
The Moving Average Convergence Divergence (MACD) indicator supports the thesis, and it shows underlying positive momentum in Ripple price.
XRP/USDT daily price
A daily candlestick close under $0.60 could invalidate the bullish thesis, and XRP could find support at $0.5632, the 50% Fibonacci retracement level.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
