- XRP price has been in a string bullish trend in the past few days.
- The coin’s price has risen by about 50% from its lowest level this year.
- Focus remains on the SEC vs Ripple case.
The XRP price has held relatively steady in the past few days as investors focus on the Ripple vs SEC lawsuit. The coin is trading at $0.82, which is about 50% above the lowest level this year. Its total market capitalisation has jumped to more than $39 billion.
Ripple vs SEC case
Ripple is a leading blockchain project that helps companies simplify their fund transfer processes. The company offers firms like Santander and Ria Money Transfer a service known as on-demand liquidity (ODL). The service, which is part of the Ripplenet helps these firms save money and improve the speed of their transactions.
Ripple has been in a strong growth in the past few months. For example, two weeks ago, Ripple Labs was valued at about $15 billion as the company did a share sale. That makes it one of the biggest firms in the fintech industry. The management has also hinted that they will take the company public in the coming years.
However, the ongoing Ripple vs SEC lawsuit has been a thorn in the flesh for the company. The SEC alleges that Ripple raised $1.5 billion from investors without following the due process. Ripple denies the allegations and insists that its XRP is not different from other cryptocurrencies.
The XRP price has done well recently as investors predict that Ripple will win the case. That is after the judge overseeing the case allowed Ripple’s lawyers to access internal communications from the SEC.
Ripple Labs has vowed to continue with the lawsuit to the bitter end. That is contrary to what BlockFi did when it decided to pay $100 million in a settlement.
Another reason why the XRP price is doing well is that it partnered with the Digital Euro Association (DEA) to work jointly on CBDCs.
XRP price prediction
The daily chart shows that the XRP price has bounced back in the past few days. As it did that, Ripple managed to move above the upper side of the descending channel that is shown in red. It has also moved above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved slightly below the overbought level.
Therefore, the Ripple price will likely keep rising in the coming days as investors target the next key resistance level at $1. This view will be invalidated if the coin moves below the support at $0.7440.
