• Ripple (XRP) price skyrocketed 70% to reach a new 19-month high following the SEC lawsuit ruling in favor of Ripple.
• The uptrend has pushed the relative strength index into overbought levels, signaling a possible correction.
• Cryptocurrency exchanges are exploring relisting XRP with Gemini being the first to announce its plans.

Ripple (XRP) Price Skyrockets 70% After SEC Lawsuit Ruling

Ripple’s native token, XRP, experienced a 67% surge intraday on July 13 after the Southern District Court New York ruled in favor of the firm in its legal battle with the Securities and Exchange Commission (SEC). This propelled XRP’s price to $0.934 — its highest level since December 2021 — before profit booking pulled it back slightly. Additionally, this surge pushed the token’s relative strength index (RSI) into overbought territory at 87.82 suggesting that traders should be cautious as it could indicate an impending correction.

Judge Annalisa Torres Rules XRP is Not A Security

The judgment from Judge Analisa Torres definitively stated that Ripple’s native token does not qualify as a security under U.S law. In her opinion, she noted that “XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’ that embodies the Howey requirements of an investment contract.” This judgment cleared up any confusion surrounding whether or not XRP can be classified as a security and thus opened up new opportunities for investors who had previously shied away from investing in the cryptocurrency due to regulatory uncertainty.

Cryptocurrency Exchanges Consider Relisting XRP

Following Judge Torres’ decision on XRP’s status as security or non-security asset, exchanges have begun considering relisting the cryptocurrency on their platforms once again with Gemini being one of them announcing that they are “exploring listing of XPR for both spot and derivatives trading.” This news comes after many exchanges previously delisted XRP when rumors about Ripple’s legal troubles began circulating earlier this year causing investors to panic sell their tokens resulting in huge losses for those invested in it at that time. Now those same investors may get another chance at investing in it if other exchanges decide to follow suit and relist XRP on their platforms again sometime soon.

Potential Support & Resistance Levels

As news continues to spread about Ripple’s win against SEC, investors may continue buying into anticipation of an upcoming rally which could propel prices even higher than current levels if successful enough leading it potentially challenge resistance near $0.897 which would need breaking & consolidating above before any further gains can be made.. On the other hand if profit taking causes prices drop then support near $0.75 will need holding otherwise failure here might see prices test support near $0.653 before recovering again from there onwards depending on market conditions at time .