XRP Shows Strong Recovery and Potential for Growth
XRP has shown resilience after a recent dip to the $1.25-$1.30 range, bouncing back with a strong support level. Outperforming other major cryptocurrencies, XRP is currently up by over seven percent in the last 24 hours, trading near $1.45.
While the recent rally is promising, experts caution that XRP is still in a consolidation phase. The key resistance level at $1.50 poses a challenge for XRP to break through without sustained momentum.
Expectations are for XRP to remain within its current range, with a potential upside towards $1.70-$1.75 if bullish momentum continues. In a significant development, Ripple has partnered with Bitwise, rebranding its XRP ETP to the Bitwise Physical XRP product. This move signals progress for Ripple and XRP as they pursue filing for XRP ETFs.
Ripple Vs SEC Update
The resignation of Gary Gensler has raised speculation about the outcome of the Ripple vs SEC case. The SEC is set to present its final arguments in the Ripple case by January 15, 2025. Ripple’s cross-appeal aims to secure a ruling affirming XRP’s status as a non-security.
Former CFTC Chairman Giancarlo suggests that under the incoming Trump administration, the SEC may drop the case against Ripple. With previous court rulings favoring XRP and a shift in leadership, Ripple’s legal standing appears to be strengthening. Giancarlo expressed, “I would recommend that regulatory agencies drop a lot of these cases where they’ve lost. I think they should drop the XRP case. I would bet that they would.”
With Ripple’s legal position improving, XRP could potentially join the ongoing bull run more actively, especially if there are changes in SEC leadership and more favorable regulatory conditions for cryptocurrencies.