Ripple’s Price Surge Follows Court Victory
Ripple (XRP) surged after a U.S. court ordered the company to pay a $125 million fine, much less than the $2 billion sought by the SEC. Attorney Jeremy Hogan hailed the decision as a ‘big win’ for Ripple.
Ripple’s token rose 48% from its low this month, hitting $0.6430. The ruling allows Ripple to continue selling its XRP and ODL tokens outside U.S. jurisdiction and institutions under exemption.
The court also placed an injunction against some activities by Ripple. Jeremy Hogan explained that XRP and ODL sales outside the U.S. are not affected by the injunction.
Ripple’s win has bolstered other altcoins. The SEC recently backed down from claims that Solana (SOL), Cardano (ADA), and Polygon (MATIC) were securities. Stellar Lumens (XLM), valued at nearly $2 billion, is also on the rise. Stellar’s founder, Jed McCaleb, co-founded Ripple.
Potential XRP Price Reversal Ahead
Despite the current excitement, XRP faces potential reversal risks. Traders may sell the news, similar to the June ruling’s aftermath when XRP rose then fell sharply.
XRP must rise above the $0.6586 resistance point to continue its uptrend. Breaking this level will invalidate a double-top pattern, potentially lifting the token 23% to $0.7490.
