Ripple's digital currency, XRP, is currently testing a significant support level after a near 15% surge last week. This uptick was primarily driven by Ripple's newly formed partnership with Uphold, a prominent Web3 financial platform. The collaboration is designed to enhance crypto liquidity capabilities, which are essential for improving cross-border payment infrastructure.
The price of XRP is testing a critical resistance level at $0.551. If this level turns into a support floor, it could trigger a rally towards $0.600. The Relative Strength Index (RSI), currently in the bullish zone, suggests that XRP has the potential for additional gains.
Ripple continues to garner strong community backing amid ongoing legal issues. Attorney John Deaton has openly criticized the Securities and Exchange Commission (SEC) for its prosecution of Ripple and LBRY, while allegedly overlooking fraudulent activities. He referred to the SEC as an "absolute disgrace."
The SEC's lawsuit against Ripple questioned the classification of XRP as a security. A court ruling on July 14 clarified that XRP's status as a security depends on the type of transaction. For institutional investors or over-the-counter sales, XRP is considered a security. However, for retail investors conducting programmatic sales on exchanges and other platforms, it is not.
The rising acceptance of crypto regulations by governments worldwide and Ripple's global partnerships are expected to positively impact XRP's price trajectory in the future.
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