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XRP Set for Breakout After New US Cryptocurrency Law
- Following major US cryptocurrency legislation and the conclusion of Ripple’s legal battle with the SEC, XRP may soon surpass its current level of $0.53.
- The Financial Innovation and Technology for the 21st Century Act (FIT21) seeks to establish a legal basis for the American cryptocurrency market.
The native XRP token on the file XRP Register it may soon break out of its current level $0.5359. This comes as Ripple’s legal dispute with the US Securities and Exchange Commission (SEC) nears its resolution and the US House of Representatives passes landmark cryptocurrency legislation.
Data from CoinMarketCap indicates that the coin has been on an upward trend, rising 2.28% in the last 24 hours e 2.13% in the previous seven days.
Impact of the historic cryptocurrency law
The well-known anonymous cryptocurrency analyst Dark Defender cites the Financial Innovation and Technology for the 21st Century Act (FIT21), which the US House of Representatives just approved, as a key factor in XRP’s potential breakout, as Crypto News Flash previously explained.
The Commodity Futures Trading Commission (CFTC) will be the primary regulator of digital assets and consumer protection will need to be implemented as part of the overall regulatory framework of the cryptocurrency market in the United States.
The bitcoin industry has given strong support to the measure. Along with fifty other groups, the Crypto Council for Innovation, a group of organizations and companies including Coinbase, KrakenAndreessen Horowitz and the Digital Currency Group—wrote House Speaker Mike Johnson and Minority Leader Hakeem Jeffries urging their support for the measure.
Technical analysis indicates a rise in XRP
Also the Dark Defender predicts a large price increase for XRP before July using technical analysis techniques including Elliott Wave Theory and Fibonacci Time Zones. According to the expert, recent legislation and the entry of institutional investors via spot exchange-traded funds could support the price of XRP more and more.
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1. The House of Representatives passed a milestone #crypto yesterday’s legislation, the #FIT21 I count. ✅
2. ETFs are loading… ⏰
3. #RLUSD was born ✅
4. The decision on the case is soon.In the meantime;
In accordance with our Elliott Waves, Fibonacci Time Zones says we need to start the… pic.twitter.com/yQFk8NxWIW
— Dark Defender (@DefendDark) May 23, 2024
Additionally, Ripple may soon see the conclusion of its long-running legal dispute with the SEC, which began when the regulator sued the fintech company and two of its executives for allegedly raising more than $1.3 billion through a offering of unregistered digital asset securities. This possible option reinforces the good feelings towards XRP.