XRP Set for Breakout After New U.S. Crypto Law

• After major U.S. cryptocurrency legislation and the conclusion of Ripple’s legal fight with the SEC, XRP might shortly break out from its present level of $0.53.
• The Financial Innovation and Technology for the 21st Century Act (FIT21) seeks to establish a legal foundation for the American cryptocurrency market.

The native XRP token on the XRP Ledger may shortly break out from its present level of $0.5359. This occurs as Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC) nears its resolution and the U.S. House of Representatives passes historic cryptocurrency legislation.

CoinMarketCap data indicates that the coin has been trending upward, rising 2.28% in the last 24 hours and 2.13% over the previous seven days.

Impact of Landmark Crypto Law

Well-known anonymous cryptocurrency analyst Dark Defender cites the Financial Innovation and Technology for the 21st Century Act (FIT21), which the U.S. House of Representatives just passed, as a key factor in the potential breakout of XRP, as Crypto News Flash had earlier detailed.

The Commodity Futures Trading Commission (CFTC) is to be the main regulator of digital assets, and consumer protections are to be implemented as part of the entire framework for regulating the cryptocurrency market in the United States.

The bitcoin sector has given the measure strong support. Together with fifty other groups, the Crypto Council for Innovation—a group of organizations and companies including Coinbase, Kraken, Andreessen Horowitz, and the Digital Currency Group—has written to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries urging their support of the measure.

Technical Analysis Points to XRP Surge

Dark Defender also predicts a big price gain for XRP before July using technical analysis techniques including Elliott Wave Theory and Fibonacci Time Zones. According to the expert, the latest legislation and the entrance of institutional investors via spot exchange-traded funds may support the price of XRP even more.

1. The House of Representatives passed landmark #crypto legislation yesterday, the #FIT21 Bill.
2. ETFs are loading…
3. #RLUSD was born
4. The lawsuit decision is Soon.

Meanwhile;

In accordance with our Elliott Waves, Fibonacci Time Zones says we must commence the… pic.twitter.com/yQFk8NxWIW

— Dark Defender (@DefendDark) May 23, 2024

Furthermore, Ripple may soon see the conclusion of its protracted legal dispute with the SEC, which started when the regulator sued the fintech company and two of its executives for allegedly raising over $1.3 billion through an unregistered digital asset securities offering. This possible option strengthens the good feelings about XRP.