XRP, the native token of the <a href="https://www.cryptoknowmics.com/news/xrpl-integrates-amm-functionality-enhancing-defi-on-xrp-ledger/" target="_blank" rel="noopener">XRP Ledger</a>, may soon experience a significant price breakout from its current level around $0.53. This potential surge follows the US House of Representatives' recent passage of landmark cryptocurrency legislation, alongside the nearing conclusion of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
<h2>The FIT21 Bill and Its Impact</h2>
[embed]https://twitter.com/DefendDark/status/1793556369137611252[/embed]

Cryptocurrency analyst Dark Defender highlighted the impact of the Financial Innovation and Technology for the 21st Century Act (FIT21). This newly passed bill aims to create a comprehensive regulatory framework for the US cryptocurrency market. It includes consumer protections, designates the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets, and clarifies the responsibilities of both the CFTC and the SEC. Moreover, it seeks to provide a clearer classification of cryptocurrencies as either securities or commodities.

The bill has received strong backing from the cryptocurrency industry, with support from entities such as Coinbase, Kraken, Andreessen Horowitz, and the Digital Currency Group. A letter from the Crypto Council for Innovation, signed by 50 organizations, urged the House leaders to approve the bill.
<h2>Technical Analysis and Institutional Interest</h2>
Using technical analysis tools like Fibonacci Time Zones and Elliott Wave Theory, Dark Defender projected a significant price increase for XRP before July. He suggested that the FIT21 bill and the anticipated influx of institutional investors through spot exchange-traded funds could further enhance XRP’s value.

Additionally, Ripple's ongoing legal battle with the SEC, which began after the regulator accused the fintech firm of raising over $1.3 billion through an unregistered securities offering, is nearing a conclusion. This resolution could potentially remove a significant overhang on XRP’s price.
<h2>Analyst’s Bullish Prediction</h2>
Earlier this month, Dark Defender identified a bull flag pattern on the XRP/USD chart, suggesting a possible surge to $18. This pattern, characterized by a sharp price increase followed by a consolidation period, appears on multiple timeframes and is often seen as a precursor to a breakout.

With the combined effects of new legislation, institutional interest, and a potential legal resolution, XRP investors are watching closely for a potential breakout in the coming months.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Crypto Legislation Boosts XRP Outlook Amid Pending Legal Decision

Landmark crypto bill passes, boosting XRP prospects. Analysts predict a breakout for XRP amid Ripple's ongoing legal battle with the SEC.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Crypto Legislation Boosts XRP Outlook Amid Pending Legal Decision

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