Image by WorldSpectrum from Pixabay 
 

XRP is keeping its head above the $0.70 line, still trading around its highest levels since April 2022.

Prices of the world’s fourth largest crypto by market cap (according to CoinGecko data) appear to be consolidating after last week’s spike past $0.90, when XRP hit levels not seen since December 2021.

At the time of writing, XRP has a year-to-date advance of 119%.

(Click on image to enlarge)

XRP skyrocketed after a federal judge in New York ruled on July 13^th that the token belonging to Ripple does not constitute a “security” when sold to the public on an exchange.

However, the ruling did label XRP as a security when sold directly to institutional investors.
 

Is the worst now over for XRP?

To be clear, this legal process involving Ripple is still a few months away from potentially reaching its final conclusion.

There could be more twists and turns, challenges and appeals, before a final decision is made.

Still, last week’s ruling was already a major welcomed relief, at least for retail market participants and less so for the SEC, which sent prices surging in a crypto world that’s still a shadow of its former self.

After all, regulators are still tightening their noose around the crypto sector, with more than 20 enforcement cases brought against high-profile industry players, including major crypto exchanges such as Binance and Coinbase.

But with XRP now having a more-defined status, the psychologically-important $0.70 level may form a solid base from which prices could potentially revisit that $0.91871 peak, or perhaps pursue even greater heights, provided the crypto world is given more comfort.

Otherwise, further risk-off headlines that send a major shudder through the crypto world and amplify the sector’s woes may force XRP to unwind recent gains, with the next noticeable support likely seen around the upper-$0.50 region that served as prior year-to-date peaks.

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