Japanese cryptocurrency exchange SBI VC Trade, a subsidiary of the financial services giant SBI Group, has recently projected that the price of the native token of the XRP Ledger, $XRP, could soon surge to $0.62 after recent market developments.
In its report, SBI VC Trade discussed the latest updates on the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), while also analyzing how the July 13 ruling affected the price movement of XRP.
As CryptoGlobe reported on July 13 of this year, Judge Analisa Torres of the United States District Court for the Southern District of New York delivered her verdict in the legal battle between the SEC and Ripple Labs, initiated in December 2020.
The court issued a mixed ruling, determining that XRP wasn’t a security when traded on cryptocurrency trading platforms, but was a security when it was sold by Ripple to institutional investors.
The price of XRP notably reached a high near the $0.90 level shortly after the ruling as it was being relisted on numerous cryptocurrency exchanges over it. The rally, as SBI VC Trade noted, was short-lived, with XRP giving back its gains shortly after and now trading at $0.55.
The cryptocurrency’s price notably recently jumped to a two-month high amid a wider cryptocurrency market rally that saw the price of the flagship cryptocurrency Bitcoin ($BTC) reach a 16-month high. XRP has been outperforming after the SEC dropped its securities violations charges against Ripple’s executives, which helped the cryptocurrency achieve its largest single-day surge in months.
SBI VC Trade’s report also notes that XRP’s adoption in international remittance services adds a positive dimension to its Outlook as the service is gaining traction and could lead to greater price stability and growth for the digital asset.
The report notes that upcoming resistance levels to watch that XRP could rise to are at $0.5645 (100-day moving average) and $0.6297 (38.2% Fibonacci retracement). On the flip side, support might be found at the recent lows of 0.4850 and 0.4735.
It’s worth noting that SBI Holdings has given its shareholders the option of receiving $XRP as a benefit for years, further showing the firm’s support for the embattled cryptocurrency.
Featured image via Pixabay.