XRP Price Rally Positions the Crypto in Top Five: Eyes on $0.55 Resistance

XRP Price Rally Positions the Crypto in Top Five: Eyes on $0.55 Resistance

Crypto News – The recent surge in XRP’s price has propelled it into the top five cryptocurrencies by market valuation, making $0.55 the immediate resistance to watch for. Following a 5% price increase after a US court rejected the SEC’s appeal in the ongoing XRP lawsuit, the digital asset is currently trading at $0.54, boasting a market cap of $28.7 billion.

During the recent court hearing, Judge Torres emphasized the SEC’s failure to provide substantial evidence for their interlocutory appeal, focusing on disputing the court’s interpretation of the Howey test. This turn of events suggests a setback for the SEC’s attempt to categorize XRP as a security.

The next trial date is set for April 24, 2023, as investors react optimistically to the court’s decision, potentially propelling XRP’s price towards the $1 mark, given the necessary investor support.

Crypto experts have shown increasing bullish sentiment towards XRP since Ripple’s victory against the SEC in mid-July, anticipating potential new all-time highs. Notably, crypto analyst Dark Defender predicts a significant 1100% rally in the XRP price, envisioning a new all-time high of $5.85. The analysis is based on XRP’s recent price performance and the formation of a Doji pattern at the end of September, indicating a positive outlook and short-term retest of $0.66.