Here is the rewritten content in organized HTML format:
XRP price is leading gains among top cryptocurrencies today as the crypto market recovers from the recent downturn. Traders anticipate this could be the start of a massive rally in XRP crypto as token value saw no clear upside momentum after the Ripple vs SEC lawsuit concluded earlier this month.
XRP Price At the Start of a Big Rally?
US SEC v. Ripple Labs Ended
Judge Analisa Torres ordered Ripple Labs to pay $125 million in penalties only to the U.S. SEC, significantly lower than $2 billion sought by the government agency. Ripple’s ODL business is not impacted much despite the injunction as the company does more such deals outside the United States.
XRP ETF Anticipation And RLUSD Stablecoin
Immediately after the ruling, Ripple Labs announced further plans related to RLUSD stablecoin. The crypto payments firm started testing its stablecoin Ripple USD (RLUSD) on XRP Ledger and Ethereum.
The crypto community is extremely confident about XRP ETF launch after it gets clarity from the court. The company’s CEO Brad Garlinghouse said the launch of an XRP index by CME and CF Benchmarks has increased the odds of XRP ETF. Companies have started using XRP. Wells Fargo nodded to the use of XRP for loan payments and settling of credit card debts.
XRP price chart has formed a bullish chart pattern called the “golden cross”. This pattern forms when a short-term moving average (MA) crossovers above a long-term moving average.
In the daily timeframe, the 50-MA has crossed over 200-MA to confirm the formation of a golden cross. This resulted in XRP price seeing an uptick of 7% in the last 24 hours. Thus, traders are extremely bullish considering the golden cross pattern formation.
XRP Buying in Derivatives Market
The derivatives market is also witnessing huge demand for XRP. As per Deribit exchange, XRPUSDC linear options open interest has jumped significantly and options traders are betting for a target as high as $1.
Meanwhile, total XRP futures open interests are again climbing over $700 million. Coinglass data indicates a more than 11% jump in XRP OI in the last 24 hours across crypto exchanges.
Conclusion:
The recent news has sparked a massive rally in the price of XRP, with the token price experiencing a significant uptick of 7% in the last 24 hours. This rally is attributed to a combination of factors, including the conclusion of the Ripple vs SEC lawsuit, the potential launch of an XRP ETF, and increased buying activity in the derivatives market.
FAQs:
Q: What is the current market price of XRP?
A: As of the time of writing, the market price of XRP is $0.625 per token.
Q: What is the cause of the recent rally in XRP price?
A: The rally is attributed to a combination of factors, including the conclusion of the Ripple vs SEC lawsuit, the potential launch of an XRP ETF, and increased buying activity in the derivatives market.
Q: Will this rally continue?
A: Traders are extremely bullish on XRP’s future prospects, and the recent developments may indicate a sustained rally.
Q: What is the significance of the Ripple vs SEC lawsuit?
A: The lawsuit was a major overhang on the price of XRP, and the favorable outcome has removed a significant roadblock to the token’s growth.
