Ripple’s XRP Eyes $0.9594 Target Amidst Bullish Momentum

• Ripple’s XRP has experienced significant volatility, dropping 86% from its 2018 peak of $3.40 and facing additional selling pressure, recently falling below $0.45.
• The Ripple vs. SEC legal battle has intensified, with the SEC countering Ripple’s use of the Binance case to argue against proposed penalties.

Ripple’s XRP has taken investors on a rollercoaster journey, experiencing significant highs and lows. None of the top 10 cryptocurrencies have dropped as sharply from their all-time high (ATH) as $XRP.

Down 86% from its 2018 peak of $3.40, the last major surge occurred in early 2021. Despite this, Ripple has maintained its position among the top 10 most valuable cryptocurrencies.

Currently, Ripple is testing a critical resistance at $0.6687. If $XRP can break through this barrier, the next target is $0.9594. This potential breakout is noteworthy as $XRP has been confined to this pattern for five years, hinting at a possible substantial rally.

However, Ripple’s XRP is currently facing the heat of the broader market correction; as of press time, the XRP price has tanked by an additional 6%, falling under $0.45, while the daily trading volume has surged 64% to $1.5 billion. This comes after Ripple unlocked 1 billion XRP tokens from the escrow, per the Crypto News Flash update.

Despite its volatility, Ripple remains a robust Layer-1 blockchain with some of the lowest transaction fees in the crypto market. Its ecosystem is expanding, bolstered by the recent launch of a native stablecoin. These developments are strengthening Ripple and increasing its appeal to crypto investors.

Ripple vs. SEC Legal Battle Escalates

The SEC’s latest filing has stirred fresh controversy in a dramatic twist in the ongoing Ripple and SEC legal battle. Recently, Ripple referenced a court decision involving Binance to argue against the SEC’s proposed penalties.

In response, the U.S. SEC has filed a counter to Ripple’s notice, intensifying debates over regulatory clarity and enforcement. According to the Crypto News Flash report, Ripple is pushing back against what it perceives as the SEC’s regulatory overreach.

The SEC has criticized Ripple’s use of the Binance decision, arguing that the conduct and context of the Binance case are distinctly different from Ripple’s. The SEC stated that Ripple’s assertion that the Binance ruling supports its position is unfounded, emphasizing that the court’s comments on the SEC’s litigation strategy in Binance do not justify reduced penalties for Ripple.

Additionally, the SEC underscored that Ripple acted with “reckless disregard for the law” and that the Binance ruling does not mitigate Ripple’s violations.

Crypto lawyer Bill Morgan also commented on the SEC’s frustration, suggesting that the SEC’s language indicates displeasure with the Binance decision turned the tables on them. He noted that the SEC tends to dismiss decisions it disagrees with as “not an authority.”

While the Ripple vs. SEC legal battle continues, the XRP price has continued to face selling pressure and has found it challenging to cross $0.50, reported CNF.