• XRP price rocketed 67% to reach a 19-month high after the Ripple-SEC lawsuit ended in Ripple’s favor.
• Exchanges are now considering relisting XRP following Judge Analisa Torres’ ruling that it does not qualify as a security.
• Profit taking and overbought RSI levels may lead to a correction before the token rises again, possibly challenging the $1.04 resistance level.
XRP Price Skyrockets After SEC Lawsuit Victory
Ripple’s win against the SEC has resulted in XRP price catapulting over 70% intraday to reach a daily high of $0.934 on July 13th. This marks its highest level since December 2021 and investors have been aggressively buying up the token in anticipation of further gains.
Relisting of XRP On Exchanges
Judge Analisa Torres’ ruling that XRP does not qualify as a security has led many exchanges such as Gemini to reconsider relisting the token, which could add to its bullish tailwinds.
Possible Price Correction Ahead
The relative strength index (RSI) breaking into the overbought region is usually seen as a sell signal, indicating that profit taking might cause a correction in prices before they rise again. If so, then the immediate support near $0.75 or even $0.653 might be tested before recovering upwards again.
Potential Resistance Levels
If buying continues then it is likely that the XRP price might challenge resistance levels near $0.897 or even psychologically important levels near $1.04 before retreating again.
The ending of Ripple’s legal battle with SEC has resulted in an unprecedented surge for XRP prices and exchanges considering relisting it will only add fuel to this fire. However, traders should remain aware of possible corrections due to profit taking and overbought RSI levels occurring ahead of any sustained rally for the token reaching new heights above current resistance levels