Ripple (XRP) has jumped by 13% in the past 24 hours, with its sudden move to $2.54 coming as the SEC drops its appeal in its case against Ripple.
The regulator had been appealing certain aspects of the July 2023 ruling in favor of Ripple, but its move today means that the long-running legal battle between itself and the XRP issuer is now finally over.
The alt is now up by 14% in a week, yet its 6% decline in the past month underlines how much potential there is still is for it to rise even higher.
And with nine XRP ETFs still awaiting potential approval later this year, the longer term picture for the XRP price now looks very positive.
Ripple (XRP) Skyrockets as SEC Drops Appeal
Posting on X, Ripple CEO Brad Garlinghouse announced today that the SEC will be dropping its aforementioned appeal, which the regulator lodged in October of last year.
The SEC claimed as part of its appeal that the sale of XRP on exchanges amounted to the offering of unregistered securities, something which Ripple and its legal counsel has always denied.
XRP had rallied in response to the original ruling from Judge Analisa Torres in July 2023, yet the appeal in October had hindered its ability to recover further.
The inauguration of Donald Trump in January did send the coin as high as $3.30, but the combination of tariffs and the ongoing appeal sent it back down to $2 earlier this month.
But now, it could potentially rise back into the $3 range within a short space of time, with the cessation of all legal action against Ripple giving the company free rein to continue expanding its business.
Indicators Point to More Declines in the Near Term
Looking at XRP’s chart today, it had recently begun to show some momentum again, after a very weak end to February.
Yet today’s victory means that its indicators have already begun shooting up, with its RSI (purple) rising bullishly above 50 in the past hour.
Source: TradingView
And what’s especially bullish is that the RSI has plenty of room to continue rising before it enters an oversold position, meaning that more gains are coming in the next few days.
Open interest has also ballooned since the SEC’s decision earlier today, rising from $2.90 billion yesterday to $3.82 billion, as of writing.
Because XRP is still 26% down from its ATH of $3.40, it could easily rise much higher in the near term, with an improvement in the wider economy potentially seeing it climb as high as $4.
New Altcoins with Strong Fundamentals and Big Potential
But XRP won’t be the only coin rallying hard in the coming weeks, with traders also advised to consider diversifying into newer, more upwardly volatile tokens.
Several coins have stormed into the top 100 in recent months (e.g. Pi Network, Story, Official Trump), yet even newer coins, including presale tokens, may be the way to go now if you want to make the biggest possible gains.
One of the most interesting new tokens in crypto right now is Solaxy (SOLX), which has raised close to $27 million in its ongoing presale.
With over 70,000 followers on X, investors are flocking to Solaxy because it will launch Solana’s first-ever layer-two network.
As an L2, Solaxy will help Solana users to avoid common issues such as failed transactions, network congestion and outages, which continue to impact Solana.
It will offer lower fees and faster transactions than Solana, while it will also enable instant bridging between itself and its parent chain, with compatibility to other chains being added over time.
SOLX will be necessary to pay for fees on Solaxy, while it will also be open to staking, meaning that demand could be strong.
Its presale will end in the next few weeks, but latecomers can still join it by visiting Solaxy’s website, where SOLX is selling at $0.001668.
This price will continue to rise before the sale ends, so anyone interested in Solaxy should act before it’s too late.
The post Ripple (XRP) Skyrockets as SEC Drops Appeal | Brad Garlinghouse Declares Victory appeared first on Cryptonews.
