In the last 24 hours, XRP has experienced a notable price recovery in South Korean markets, up by 8% against the country’s local KRW currency. It also has a 6.9% spike in global crypto exchanges.
This surge comes amid growing speculation that the ongoing legal battle between Ripple Labs and the US SEC could come to a close soon. According to market analysts, this will add to the Trump rally effect and usher in a new era of workable crypto regulations.
According to market data from TradingView, Ripple (XRP) has witnessed a surge in market activity, including trade and purchases. The market also celebrates the win that is Gary Gensler’s exit from the Securities and Exchange Commission (SEC) chairman office.
To that end, the crypto Fear and Greed index sits at 76 – showing extreme greed in market sentiment.
Crypto Fear and Greed Index. Source: Alternate.me
Investors are hopeful that Gary Gensler’s resignation as SEC chairman signals a favorable court ruling for Ripple. Pro-crypto lawyer John Deaton believes it should be completely dismissed.
XRP price shows upward momentum
On South Korea’s most popular exchanges, Upbit and Bithumb, XRP’s trading volumes have gone up by 65% and 67%, respectively, over the last day. As of press time, the coin is changing hands at 4,864 KRW, 28% up from its value seven days ago and 40% in the last month.
XRP/KRW trading chart. Source: Upbit exchange.
The positive price movement follows a series of developments, such as the recently filed SEC opening brief in its appeal against Ripple. The financial watchdog is challenging Judge Analisa Torres’s 2023 ruling that XRP was not entirely sold to investors as securities.
The SEC claims Ripple’s $2 billion token sales violated federal securities laws. The agency also argues that it does not need to prove investors’ awareness of Ripple allegedly influencing the price uptrend of its token through promotions.
John Deaton, a lawyer and pro-XRP advocate, has been a frontrunner in criticizing the SEC’s actions. He urged regulators to end non-fraud cases like Ripple’s. He shares the belief that the Department of Government Efficiency (D.O.G.E.) under Musk and Ramaswamy will fix the SEC market shenanigans.
In a January 19 post on X, Deaton pointed out that Ripple’s ongoing legal disputes have taken a toll on innovation, entrepreneurs, and investors.
DISMISS CRYPTO CASES
The day after @realDonaldTrump launches a Presidential Meme Coin, and after attending the Inaugural Crypto Ball, where America’s newly appointed Crypto Czar, @DavidSacks, declared the war on Crypto over, promising America will usher in a Golden Age of…
— John E Deaton (@JohnEDeaton1) January 19, 2025
According to Deaton, the cases have resulted in significant consequences for the company; including the delisting of XRP from major US exchanges and the freezing of retirement investments that held the token.
He added that Ripple has also lost some international partnerships due to fears of SEC action. He estimates the actions contribute to about $15 billion in losses for XRP holders. Deaton went on to reveal that Ripple had spent over $150 million in legal fees to battle the SEC’s allegations.
CEO Brad Garlinghouse and co-founder Chris Larsen also got dragged into individual lawsuits.
“If a new Golden Age of innovation is indeed upon us, coupled with the incoming President of the United States utilizing the technology in a manner some might argue pushes legal boundaries more aggressively than any of the companies above have, all non-fraud cases including Ripple, Coinbase, Kraken, and Dragonchain, etc. need to be dismissed.” Deaton reiterated.
XRP technical analysts turn bullish
XRP finally breached the $3 mark last week, but it briefly dropped to the $2.8- $2.9 levels on early Monday Asian trading hours. It has since bounced back from the $3 support level, with analysts predicting that if XRP maintains its momentum, it could break through its recent corrective phase and continue its upward trajectory.
According to Coingecko data, XRP is consolidating around $3.3 at the time of writing.
Looking at the coin’s technical indicators, like the Moving Average Convergence Divergence (MACD) and Stochastic Relative Strength Index (SRSI), which stand at 0.2569 and 67.28506, respectively, XRP could experience a potential short-term correction.
However, the market sentiment indicators on TradingView are leaning towards the buy signal.
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