XRP Price Soars as Ripple’s SEC Lawsuit Nears Resolution
• XRP has seen a 10% gain in the past week and 20% rise in the last 30 days, pushed upwards by investor optimism that the SEC lawsuit against Ripple may reach a favorable conclusion soon.
• XRP’s relative strength index has risen close to 70 and its 30-day moving average has turned up towards its 200-day, signaling a potential breakout.
• Ripple CEO Brad Garlinghouse predicted that the firm’s lawsuit with the SEC will end by the end of this year at the very latest, if not by the end of the first half of 2023.
The XRP cryptocurrency has seen a surge in its price in the last week, with its value rising by 10% to reach $0.425152. This follows Ripple CEO Brad Garlinghouse’s announcement that he expects the firm’s two-year long lawsuit with the US Securities and Exchange Commission (SEC) to reach its conclusion by the end of this year at the very latest, if not by the end of the first half of 2023.
The current price of XRP represents a 20% rise in the last 30 days, pushed upwards by investor optimism that the SEC’s case against Ripple is entering its end phase. Indeed, with all existing briefs having now been filed, it seems that XRP holders (as well as Ripple and the SEC) are mostly waiting for the judge to reach a decision.
The chart of XRP also points to some positive momentum. The altcoin’s relative strength index (RSI) has risen very close to 70 in the past few days, an indicator that the optimism surrounding the Ripple case has injected some extra buying pressure into its market. At the same time, XRP’s 30-day moving average (MA) has turned up towards its 200-day MA, something which signals a potential breakout, especially if the shorter-term average overtakes its longer-term counterpart.
The outcome of the Ripple case will be crucial for XRP holders, as a favorable decision from the judge could potentially see the cryptocurrency rise to new heights, surpassing its current all-time high of $3.40 and possibly even reaching an unprecedented $10 mark.
Analysts have pointed out that the recent rise in XRP’s price could be a sign of investors expecting an imminent favorable resolution to the case. With the SEC’s deadline to submit its closing arguments at the end of May, the next few weeks could be decisive for investors in the cryptocurrency.
In the meantime, Ripple and XRP holders will be eagerly awaiting the judge’s decision, hoping that the case reaches a favorable conclusion and that XRP continues to rise in value.