XRP trades at $0.59 as Ripple official calls clear victory in SEC lawsuit

• Ripple’s Chief Legal Officer Stuart Alderoty says the public verdict in the SEC lawsuit is in and the firm is a clear winner.
• The SEC spokesperson claimed victory in the final judgment of the lawsuit and said that the fine amounted to more than 12 times the amount suggested by Ripple.
• XRP is nearing $0.60, up 4.9% in the past seven days.

Ripple (XRP) traders continue to digest the recent Securities and Exchange Commission (SEC) lawsuit ruling. But Ripple’s chief legal officer (CLO) Stuart Alderoty said in a recent tweet that the firm is a clear winner in the lawsuit.

XRP is approaching key support at $0.60 on Thursday.

Daily Market Reasons: Ripple CEO Confident in Company’s Earnings

• Ripple CEO Alderoty commented on the final ruling in the SEC vs. Ripple and stated that the firm was a clear winner.

• While there is a likelihood the regulator will appeal the ruling, Alderoty is confident the SEC is less likely to do so and said only 10 percent of appeals result in reversals.
• Alderoty’s comments eased concerns among XRP traders who celebrated the altcoin’s legal clarity.
• XRP is not a security in secondary market transactions, according to Judge Analisa Torres’ decision in July 2023. This was upheld in the final outcome of the SEC vs. Ripple.
• Confidence from Ripple executives combined with recent positive developments in the firm and the XRP Ledger ecosystem support positive sentiment among traders.
• Ripple has announced its annual flagship event Swell 2024 and it is scheduled to take place on October 15th and 16th.

Technical Analysis: XRP is approaching the key level at $0.60

Ripple is trading at $0.59 and XRP is up 4.9% over the past seven days. The altcoin is trading near $0.60, a key psychological level for the altcoin. XRP is likely to extend gains by 10.8% to $0.6602, the 50% Fibonacci retracement of the decline from the July 13 high of $0.9380 to the July 5 low of $0.3823.

The Relative Strength Index (RSI) reads 55.74, above the neutral level, which means more ammunition for the bulls.

XRP/USDT Daily Chart

XRP could find support in the Fair Value Gap (FVG) between $0.5845 and $0.5875.