- Ripple issued a new release for XRP Ledger software version 2.2.1, urging servers to upgrade.
- SEC vs. Ripple lawsuit ruling is awaited this week, traders keep eyes peeled for developments in the legal battle.
- XRP breaks sticky resistance at $0.65, extends gains by nearly 3%.
Ripple (XRP) is making headlines for the anticipated final ruling in the Securities & Exchange Commission (SEC) lawsuit. The lawsuit and SEC’s stance on XRP has acted as an influential market mover for XRP since the beginning.
XRP traders are awaiting the lawsuit’s outcome, either a settlement or Ripple’s win. The hope is fueled by the SEC’s recent move to back down on its request to treat Solana (SOL), Cardano (ADA) and Polygon (MATIC) as securities.
XRP changes hands at $0.6481 at the time of writing.
Daily digest market movers: Ripple lawsuit ruling expected soon, developers issue XRP Ledger upgrade
- US financial regulator SEC alleges that Ripple sold unregistered securities (XRP token) to institutional investors. The firm is faced with fines to the tune of $2 billion. Judge Analisa Torres is expected to rule on this issue soon.
- XRP traders have their eyes peeled for the final ruling in the Ripple lawsuit for two reasons:
- XRP has legal clarity as a non-security in its secondary market transactions (trade on exchanges)
- If the SEC chooses to appeal the ruling it could influence XRP negatively
- Ripple has proposed $10 million in fines for the alleged securities law violations, while the SEC says even by the payment remittance firm’s logic (in its letter comparing the lawsuit to Terraform Labs’ case) the fines should be $102.6 million.
- Pro-crypto attorney Fred Rispoli predicts that the Ripple lawsuit could end this month.
- XRP continues to enjoy the spotlight, as talks of further altcoin ETFs, likely Solana, XRP do the rounds. Franklin Templeton recently tweeted about a Solana ETF. XRP proponents argue that it is likely XRP Ledger’s native token gets a spot ETF product of its own.
- Analyst behind the X handle @CryptoKaleo said in a recent tweet:
Why is XRP starting to trade like it’s about to be announced for an ETF
— K A L E O (@CryptoKaleo) July 31, 2024
- XRP Ledger developers continue to ship updates to the latest version 2.2.1 and urge those running a server to upgrade it at the earliest opportunity.
A new release for rippled 2.2.1 is now available!
— RippleX (@RippleXDev) July 31, 2024
This core XRPL software update contains two minor bug fixes. If you operate an XRPL server, please upgrade at your earliest convenience to ensure service continuity.
Find out more about the update: https://t.co/CtGhxOOqqE
Technical analysis: XRP could extend gains by nearly 15%
Ripple broke out of its multi-month downward trend and is rallying toward its first target of $0.6666, the 78.6% Fibonacci retracement level of the decline from March 11 to July 5. Ripple could target the 2024 peak of $0.7440, the March 11 top for the altcoin. This marks a 14.5% rally from the current price.
XRP could find support in the Fair Value Gap (FVG) between $0.6256 and $0.6379. If there is a correction in the altcoin, it could sweep liquidity in this imbalance zone before resuming its rally toward its 2024 peak.
The Moving Average Convergence Divergence (MACD) indicator supports the thesis, and it shows underlying positive momentum in Ripple price.
XRP/USDT daily price
A daily candlestick close under $0.60 could invalidate the bullish thesis, and XRP could find support at $0.5632, the 50% Fibonacci retracement level.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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