XRP jumped to a record $3.02 on Wednesday, climbing over 10% during the day as investors kept a close eye on Ripple Labs’ legal battle with the SEC. The rally has sparked fresh optimism for the cryptocurrency, with both regulatory updates and technical patterns driving excitement.
The SEC case: What’s happening?
The SEC sued Ripple in 2020, claiming XRP was sold as an unregistered security. In 2023, a court ruled that XRP isn’t a security when traded on exchanges but flagged issues with institutional sales. With the SEC’s appeal deadline approaching, the case continues to play a big role in XRP’s market moves.
Could XRP hit $4.40?
Traders are watching a potential Fibonacci extension pattern after XRP’s recent breakout above its December highs. This technical signal points to a possible target of $4.40, adding to the growing bullish sentiment around the cryptocurrency.
Regulatory hopes boost confidence
Hopes for a more crypto-friendly SEC under President-elect Donald Trump have added another layer of optimism for XRP. With regulatory shifts and strong technical momentum, XRP is a crypto to keep an eye on in the weeks ahead.
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