XRP enthusiasts are eagerly anticipating Ripple’s grand event, the “Proper Party,” as it commemorates a significant milestone – the victory over the US Securities and Exchange Commission (SEC) in a lengthy legal battle. The case revolved around allegations that Ripple had violated US securities laws by selling an unregistered token, XRP. In a landmark decision, the court ruled earlier this year that programmatic sales of XRP on third-party exchanges did not constitute security tokens. However, sales directly to institutional investors were deemed as securities.

Ripple CEO, Brad Garlinghouse, didn’t hold back in expressing his views on the victory. He fired back at SEC Chair Gary Gensler, stating, “You have to stand up to a bully.” This statement encapsulates the sentiment within the crypto community that this legal win is not just a victory for Ripple but a significant milestone for the entire cryptocurrency industry.

The “Proper Party” is scheduled to take place in New York on Friday, September 29. This event has raised expectations within the XRP community, with hopes of key announcements that could influence XRP’s value. While there are no guarantees, investors are optimistic about the potential for positive developments.

XRP’s Current Standing

As of now, XRP is trading at $0.507, reflecting a 2.4% increase in the past 24 hours. The trading volume has reached $703 million, supported by a market capitalization of $27 billion. XRP has maintained its lead over the second-largest stablecoin, USD Coin (USDC), with a market cap of $25.5 billion since July.

Anticipated Announcements

The crypto community eagerly anticipates two major announcements during Ripple’s “Proper Party.” Speculations are rife about the possibility of an Initial Public Offering (IPO) or a settlement with the SEC. While neither outcome is guaranteed, investors are hopeful that these announcements could provide a much-needed boost to XRP’s price.

Crucial Price Levels

XRP’s price currently hovers above the $0.5 mark, which serves as a pivotal support level. This level is reinforced by the confluence of the 50 Exponential Moving Average (EMA) in red and the 100 EMA in blue. Maintaining this support could potentially act as a springboard for the price as bulls aim to resume the uptrend.

However, a significant hurdle lies just above the current price at $0.5148, marked by the 200 EMA in purple. Until XRP manages to break through this resistance, there remains a risk of further declines or consolidation above $0.5.

Investors seeking exposure to XRP long positions may find this an opportune moment, especially with the Moving Average Convergence Divergence (MACD) indicator signaling a buy. The blue MACD line has crossed above the red signal line, and the momentum indicator is generally trending upwards.

Caution, however, is warranted due to the Relative Strength Index (RSI). After a gradual ascent from near-oversold conditions earlier in the week and surpassing the midline (50), the RSI shows signs of retracement. This suggests that bulls are encountering challenges in sustaining the uptrend above $0.5.

For a significant breakout to be validated, XRP’s price needs to surpass the 200 EMA and the triangle resistance at around $0.52. This breakthrough is likely to pique the interest of traders who are keen to observe whether Ripple’s “Proper Party” will have a positive impact on the price. The next major resistance levels lie at $0.54, $0.62, and eventually $0.85 on the path towards the coveted $1 mark.

In Conclusion

As the crypto world eagerly awaits Ripple’s “Proper Party” and the potential announcements it may bring, XRP remains on the radar of both investors and enthusiasts. The recent legal victory against the SEC has boosted confidence in the cryptocurrency and its future prospects. However, the crypto market is known for its volatility, and traders are advised to exercise caution and conduct thorough research before making investment decisions.

While the future trajectory of XRP’s price remains uncertain, events like the “Proper Party” serve as reminders of the excitement and unpredictability that define the world of cryptocurrencies. As Ripple celebrates its victory, the crypto community watches closely, hoping for a bullish surge that could propel XRP to new heights.