XRP Soars 7%! Can it reach $1 Amid Ripple-SEC Settlement?

• Bitcoin’s Decline: Bitcoin recently dropped from around $70,000. This was partly due to news about the U.S. government moving its Bitcoin holdings, which affected the market negatively.

• XRP’s Strong Performance: Even with Bitcoin’s struggles, XRP has held strong. It has broken through key resistance levels and is trying to re-enter the 78.6% Fibonacci retracement level for the first time since March.

Significant News from Russia

• New Crypto Law: The Russian Parliament has passed a bill allowing businesses to use Bitcoin and other cryptocurrencies for international trade. This is a big change from previous policies against crypto.

• Global Impact: This move could greatly affect the global market and has caught the attention of many investors.

The Rise of Tokenization

• What is Tokenization?: Tokenization means turning assets into digital tokens for easier trading. It improves transparency and accessibility in finance.

• Ripple’s Role: Ripple, with its XRP Ledger, is a leader in tokenization. Major asset managers like BlackRock are interested in this trend, and people are talking about a possible partnership with Ripple.

• Ripple has also partnered with Fenasbac to foster fintech innovation in Brazil through the Next Accelerator program, aiming to support and develop new financial technologies in the region.

The Trump Factor

• Support for Crypto: Donald Trump has recently shown support for cryptocurrencies, which could change how investors view the market. He wants to create a positive environment for crypto, unlike some traditional financial leaders.

• Market Influence: Support from influential figures can sway investor opinions and affect XRP’s price.

Legal Landscape and ETF Speculation

• Ripple Lawsuit: The ongoing lawsuit between Ripple and the SEC makes some investors cautious. However, there’s hope for a potential settlement that could help XRP.

• Pro-XRP lawyer Fred Rispoli anticipates a pivotal ruling today July 31 in the remedies phase of the Ripple SEC lawsuit, where Judge Analisa Torres will consider penalties and injunctions. This decision could significantly influence the broader crypto market.

• Coinswitch reported that in the past 24 hours, XRP experienced $75.5 million in long liquidations. Despite this, it remains resilient at $0.64! The community continues to strengthen, even amid the ongoing lawsuit!

• ETF Possibilities: If Ripple goes public or if an ETF for XRP is approved, it could bring in significant institutional investment and boost XRP’s price.

What’s Next for XRP?

• Breaking Resistance: Despite concerns about the supply of XRP, many believe demand will keep up. If XRP can break the crucial resistance at 78.8 cents, we might see a quick increase in price like in 2016 and 2017.

• Positive Outlook: With all these developments—changes in policies, support from key figures, and potential partnerships—XRP’s future looks bright.

• Dendy, a crypto trader, predicts that XRP's price could reach $1 as it currently trades at $0.64, following an 8.05% increase in the past day. XRP has shown strong buying pressure, recovering all losses with a year-to-date return of 3.04%.