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XRP Soars On SEC ”Capitulation” As Meme Kombat Rakes In $600k

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The crypto market turned bullish on Friday with a 4% increase in the global cryptocurrency value, currently at $1.13 trillion. All the top cryptos by market capitalization flashed green, with the big crypto, Bitcoin (BTC), leading the recovery with more than 5% gains over the last 24 hours. Solana (SOL) and XRP are the biggest gainers among the top 10 digital currencies after rising 14.5% and 8% over the last 24 hours. 

Top 10 Cryptocurrencies

Top cryptos
Source: CoinMarketCap

XRP’s recovery has caught traders’ attention after it recorded the biggest single-day gain in over three months. The price of the international remittances token was responding to the news that the U.S. Securities and Exchange Commission (SEC) had dismissed its lawsuit against Ripple Labs executives Brad Garlinhouse and Chris Larsen. 

According to the press release by the San Francisco-based blockchain company, the regulatory agency “voted to dismiss charges with prejudice – a stunning capitulation by the government.”

An excerpt from the press statement read:

“This victory is the third consecutive triumph for Garlinghouse, Larsen, and Ripple, coming on the heels of the July 2023 ruling that declared “XRP is not, in and of itself a security” and a subsequent October decision to deny the SEC’s request for an interlocutory appeal.”

In December 2020, the SEC filed a civil action against Ripple Labs and two of its executives, alleging that beginning in 2013, distributions of the digital asset XRP should have been registered as a security. 

Judge Analisa Torres delivered a victory to Ripple on July 13, 2023, ruling that XRP is not a security. The SEC then tried to appeal the Court’s ruling but was unsuccessful. 

“And today, in a capitulation, the SEC dismissed with prejudice the claims against Ripple’s CEO and Chairman that were scheduled for trial next year. This resolves all charges against these executives.”

Following this news, the XRP price significantly increased, with more than $1.75 billion in trading volume coming in. 

XRP Price Analysis – Is a Return to $0.66 Possible?

The XRP price has been trading in a tight range, stretching from $0.475 to $0.54 since August 18. The cross-border payments token is currently fighting to hold above the 200-day Exponential Moving Average (EMA) currently at $0.517. A daily candlestick close above this level would signal the ability of the bulls to sustain the higher levels.

XRP would then rise to confront resistance from the 100-day EMA at $0.5263 before reaching the upper limit of the aforementioned price range at $0.54. Above that, the token will rise to collect the supply side liquidity toward the $0.6558 range high. Such a move would bring the total gains to 28%.

XRP/USD Daily Chart

Ripple Price Chart - Ocy 20
TradingView Chart: XRP/USD

This positive outlook was supported by the position of the Relative Strength Index (RSI) at 56. This suggested there were still more buyers than sellers determined to increase the price. 

On the downside, the sellers will try to pull the price below the 200-day EMA and later below the 50-day EMA at the $0.514 level. Losing these two footholds could trigger massive sell orders, resulting in a drop toward the lower limit of the range at $0.475. This could be where the buyers retreat to, regroup, and buy more on the dip before making another attempt at recovery. 

XRP Alternatives: The Meme Kombat Presale Crosses the $600K Mark!

Meme Kombat

Meme Kombat ($MK), an innovative gaming platform designed for gaming enthusiasts, offers all users rewards, from active betting to passive staking.

During the presale of $MK tokens, each purchase automatically triggers the staking of tokens for the buying wallet, initiating the process of earning rewards through a competitive 112% annual percentage yield (APY). 

The Meme Kombat staking page is expected to go live soon, during which time you will continue accumulating rewards.

To be eligible to claim presale staking rewards, each staking wallet must actively restake all of its available tokens for at least one locking period. After the presale concludes, all users can re-stake their tokens and collect the staking rewards from the presale.

The $MK presale has proven successful, having raised $600,362 as of the time of writing. The primary objective of the presale is to secure the required funds and garner community support for advancing platform development.

The Meme Kombat platform will officially launch in either October or November 2023, depending on the completion of the presale. The launch will start Meme Kombat’s operations, granting users access to battles, staking, and other features.

Visit Meme Kombat here for more information on how to participate in the presale.

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