The price of XRP, the native cryptocurrency of Ripple, has increased by 4% in the last 24 hours, outperforming most of the major coins in the market. The rally comes after a US judge denied the Securities and Exchange Commission (SEC)’s motion to appeal in the ongoing lawsuit against Ripple.
The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold XRP as unregistered securities and violated federal laws. Ripple has denied the allegations and argued that XRP is a digital asset, not a security.
On October 3, Judge Analisa Torres of the US District Court for the Southern District of New York rejected the SEC’s final motion to appeal the case, stating that the agency failed to show that it would suffer irreparable harm if the case proceeded to trial. The judge also noted that the public interest and the balance of hardships favored denying the motion.
The news was welcomed by the Ripple community, who saw it as a major victory for Ripple and a sign of the SEC’s weakening position. A user on X, posted a video of XRP partially levitating on a magnet, demonstrating the Meissner effect, a phenomenon associated with superconductivity. The user claimed that this was a metaphor for XRP’s potential to soar in the long term.
The Crypto Market Reacted Positively to XRP’s Ruling
At the time of writing, XRP is trading at $0.5302, up 4.06% from yesterday. The coin has also gained 7.32% in the past week, according to CoinMarketCap. Ripple’s market capitalization is currently $24.5 billion, making it the sixth-largest cryptocurrency by market cap.
XRP’s performance has surpassed that of Bitcoin SV (BSV) and Curve DAO Token (CRV), two of its competitors in the crypto space. BSV has dropped by 10.23% in the last 24 hours, while CRV has declined by 1.76%. Both coins are facing downward pressure from technical and fundamental factors.
XRP’s price outlook remains bullish as long as it stays above the key support level of $0.5165, which it broke through recently. The next resistance level to watch is $0.5670, which could be reached if the buying momentum continues. However, if Ripple falls below $0.5165, it could trigger a bearish reversal and test the lower support at $0.4585.