Can XRP Continue Rising? Or is the Rally Over?

As the SEC-Ripple case process, which has been going on for nearly 2.5 years, is nearing the end, the judge has decided that XRP does not violate the federal securities law. So the judge ruled that XRP is not a security. In addition, the SEC stated that 13 coins, including ADA, SOL, and MATIC, are securities. If the case is concluded in favor of Ripple, it will also serve as a guide in the regulation process.

The judge's decision on XRP was welcomed in the markets, and many cryptocurrencies, especially XRP, rose. In addition, there has been a very serious increase in inflows to digital asset funds. According to the data shared on the official blog of Coinshares, investors continue to focus on Bitcoin and interest in digital asset investment products is increasing day by day.

Digital asset investment products saw US$137m of inflows last week. Following a few late updates to prior weekly data, inflows for the last 4 weeks now total US$742m, representing the largest run of inflows since the final quarter of 2021. Bitcoin saw inflows totalling US$140m, comprising 99% of all inflows. While short bitcoin investment products saw a 12th week of outflows of US$3.2m. Source of news

XRP rallied by more than 100% to $0.93 after the news about about the Ripple-SEC case, but then lost 25% and retreated back to the $0.70 band. XRP is currently trading at $0.73. The drop of XRP that started at $0.93 can actually be seen as a correction. The corrections here seem pretty healthy and it seems that XRP is actually back to the 32.8% Fibonacci retracement point with a 25% drop. This could be a harbinger of long-term bullishness.

Ripple is a company that can make partnerships and agreements with banks and financial institutions, especially many companies make agreements and partnerships with Ripple regarding cross-border payments. Even during the SEC-Ripple case process, Ripple has partnered with banks and financial institutions. If the SEC-Ripple case ends in Ripple's favor, its partners will increase even more. Banks and financial institutions are very interested in Ripple's innovative payment technology On-Demand Liquidity (ODL).

The judge ruled that XRP is not a security, but the case is not yet fully settled. And if the case ends in Ripple's favor, more banks and financial institutions, including US banks, may start using XRP in the future, which may cause XRP to reach much higher levels. In the meantime, the exchanges that delisted XRP during the case process are preparing to list XRP again, which shows that everything is going well for XRP for now.

Although the judge has decided that XRP is not a security, the case is not yet fully settled and I think that if the case ends in Ripple's favor, I think XRP could move much higher and even hit a new ATH.

This is not investment advice, it is difficult or even impossible to know which direction prices will move in the short term. I am only stating my guess based on current data. You should do your own research before investing.

Posted Using LeoFinance Alpha