Ripple’s XRP Targets $0.9594 Amid Bullish Momentum
  • Ripple’s XRP has seen huge fluctuations, falling 86% from its 2018 high of $3.40 and facing further selling pressure, recently dropping below $0.45.
  • The legal battle between Ripple and the SEC is intensifying, with the SEC using the Binance case to argue against proposed penalties against Ripple.

Ripple’s XRP has taken investors on a rollercoaster journey, experiencing major highs and lows, and among the top 10 cryptocurrencies, no one has fallen as sharply from its all-time high (ATH) as XRP.

It has fallen 86% from its 2018 peak of $3.40, with its last major surge occurring in early 2021. Nevertheless, Ripple maintains its place in the top 10 most valuable cryptocurrencies.

Currently, Ripple is testing the critical resistance at $0.6687. If XRP can break out of this barrier, the next target will be $0.9594. This potential breakout is worth watching as XRP has been stuck in this pattern for five years, suggesting the potential for a significant upside.

However, Ripple’s XRP is now facing the heat of a broader market correction, and at the time of writing, the price of XRP has fallen further. 6%dropping below $0.45 and seeing daily trading volumes increase 64% to $1.5 billion. This came after Ripple unlocked 1 billion XRP tokens from escrow, according to a Crypto News Flash update.

Despite its volatility, Ripple is a robust Layer 1 blockchain that boasts some of the lowest transaction fees in the cryptocurrency market. Its ecosystem is expanding and has been further strengthened by the recent launch of a native stablecoin. These developments strengthen Ripple and increase its appeal to cryptocurrency investors.

Ripple vs. SEC legal battle intensifies

The SEC’s latest filing marks a dramatic turn of events and new controversy in the ongoing legal battle between Ripple and the SEC. Recently, Ripple cited a court decision regarding Binance to argue against the SEC’s proposed penalties.

In response, the U.S. SEC filed a rebuttal to Ripple’s notice, intensifying the debate over regulatory clarification and enforcement. As reported by Crypto News Flash, Ripple is pushing back against what it sees as SEC regulatory overreach.

The SEC criticized Ripple for taking advantage of the Binance ruling, arguing that the conduct and circumstances of the Binance case are clearly different from those of Ripple. The SEC said Ripple’s argument that the Binance ruling supports its position is without merit, and emphasized that the court’s comments regarding the SEC’s litigation strategy in Binance do not justify a reduction in the fine against Ripple.

Additionally, the SEC emphasized that Ripple acted with “reckless disregard for the law” and said that Binance’s ruling does not mitigate Ripple’s violations.

Crypto lawyer Bill Morgan also commented on the SEC’s frustration, suggesting that the SEC’s rhetoric of dissatisfaction with the Binance ruling helped turn the tide, noting that the SEC has a tendency to dismiss decisions it doesn’t agree with as “not authoritative.”

As Ripple’s legal battle with the SEC continues, the price of XRP continues to face selling pressure and struggles to rise above $0.50, CNF reported.

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