The native currency of the Ripple transfer network, XRP, has joined a rally that has seen the asset grow by 15% over the last day, rising from $0.334 to $0.383 versus the dollar in a green market that seems to be signaling bullish possibilities.
With an RSI over 50, XRP displays positive indications.
On June 18, XRP fell precipitously, reaching its lowest price since January of last year, $0.2906. Following that, the asset swiftly recovered and soared by 31 percent in what seems to be an upside retracement.
Last week, the current bear market hit some of its lowest moments, with fresh bottoms being reached by numerous prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). At this time, XRP established support at $0.30, which has been a key driver of the coin’s subsequent rally.
XRP exhibits bullish indicators with a Relative Strength Index (RSI) over 50, especially when taking into account its Average Directional Index and MACD Level in a brief timeframe. On the other side, the asset’s moving averages show a broad negative sign. Price growth above $0.5 is possible if the retracement proceeds to overcome its main obstacle.
The outcome of the SEC litigation might enhance or detract from XRP.
Positive signals in the past have influenced an uptrend, therefore the current legal dispute between Ripple and the SEC has significantly affected the market performance of XRP.
While supporters of XRP eagerly await the outcome of the lawsuit, journalist and Fox Network reporter Eleanor Terrett revealed in a tweet that two significant decisions could be made on the matter by the end of the month.
The first would be Judge Sarah Netburn’s decision on whether emails and documents from William Hinman, a former director of the SEC’s Corporation Finance division, qualify for attorney-client privilege. Second, the outcome of Judge Analisa Torres’ ruling on the SEC’s request to seal its opposition to John Deaton’s request to submit an amicus brief.
The US-based technology company Ripple Labs Inc. and its two executives are accused by the SEC of conducting an unregistered $1.3 billion securities offering in a lawsuit filed in December 2020. The lawsuit has been ongoing for a while, and as it draws to a close, supporters of XRP are hoping for a positive ruling.
Ripple’s XRP, which has showed significant signs of a resurgence, may be made or broken by the choice. At the time of publication, the asset was trading at $0.358 and had gained 16% over the previous seven days.
