- Ripple’s XRP surges after favorable legal ruling against SEC.
- Coinbase and Kraken plan to relist XRP after SEC lawsuit resolution.
- XRP surpasses Binance Coin in market capitalization after legal battle.
Ripple (XRP) witnessed a remarkable surge within the last 24 hours, propelled by the highly anticipated verdict of the long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The presiding judge’s ruling, categorically deemed XRP non-security, triggered an unprecedented price rally, propelling the cryptocurrency to new heights in the subsequent hours.
The SEC lawsuit’s favorable resolution prompted significant re-listings from prominent cryptocurrency exchanges, with Coinbase and Kraken leading the way by announcing their plans to relist the remittance token promptly.
As of the latest update, CoinMarketCap reported a remarkable surge of over 67% in XRP’s value within the last 24 hours, consequently driving its weekly performance to an impressive +69.09%. This surge propelled XRP’s price to reach $0.7889.
The altcoin experienced a significant surge in its price during the recent trading day, resulting in XRP’s ascent by two ranks on CoinMarketCap’s roster of the largest cryptocurrencies based on market capitalization. This surge propelled the remittance token to surpass USD Coin (USDC) and Binance Coin (BNB), securing the coveted fourth position on the list.
The achievement of XRP surpassing BNB in market capitalization is a significant milestone, particularly considering Binance’s prominent position in the global cryptocurrency landscape. However, the recent underperformance of BNB over the last 24 hours could potentially indicate that the crypto market’s ongoing struggle with the SEC still needs to be resolved.
Despite the positive response from investors regarding the XRP ruling, it is important to note that there are still ongoing legal battles in the crypto industry. One such lawsuit involves the Securities and Exchange Commission (SEC) and Binance, the largest cryptocurrency exchange in terms of trading volume. This particular legal dispute may have contributed to XRP surpassing Binance’s native token, BNB, in market capitalization. The resolution of XRP’s legal battle has concluded, while Binance’s legal challenges are just commencing.
At the time of writing, BNB exhibited a 5.55% surge in the last 24 hours, reaching a trading price of $258.22. This notable increase not only bolstered the altcoin’s weekly performance by 10.54% but also brought it near XRP regarding market capitalization. BNB’s market cap stood at $40,568,095,336, with only a slight margin separating it from XRP’s total market cap of $40,526,167,050.
From a technical standpoint, XRP successfully surpassed the significant resistance level at $0.70 within the last 24 hours, effectively transforming it into a supportive level. A few traders have opted to capitalize on their gains, given that XRP’s price has slightly declined from its peak of $0.8253 today and is currently trading at its present level.
If the selling pressure persists, the price of the altcoin will likely seek to retest the recently breached level at $0.70 within the next 24-48 hours. However, it is important to note the presence of a robust bullish momentum on XRP’s daily chart. The positioning of the 9, 20, and 50 EMA lines on the daily chart indicates that XRP has entered a medium-term bullish cycle.
If the current bullish momentum persists, XRP could test the significant resistance level at $0.9329 in the upcoming weeks. However, it is crucial to note that this bullish scenario would be negated if XRP concludes a daily candle below the mentioned $0.70 threshold within the next 7 days.
During today’s trading session, BNB initially surpassed the 50-day EMA line but failed to sustain its position above this technical indicator. However, it surpassed the crucial resistance level at $252.90 within the last 24 hours and remained above this significant price point at the time of writing.
Should BNB successfully close above the 50-day EMA line by the end of today’s trading session, it could target the resistance level at $264.50 within the next 48 hours. A decisive breakthrough above this resistance level could pave the way for BNB to surge towards $280 in the coming week.
However, it should be noted that if the $252.90 support level is breached within the next 48 hours, it would undermine the optimistic outlook. In such a situation, BNB could face a decline towards the $243 mark in the coming days, posing a potential risk.
A significant bullish technical flag has been recently observed on BNB’s daily chart, with the 9-day EMA line surpassing the 20-day EMA line. This development indicates initiating a short-term bullish cycle for the cryptocurrency, implying a potential price increase within the next 24-48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
