XRP is again one of the best performing cryptocurrencies today. Last week’s price appreciation has everything to do with progress in the lawsuit with the SEC. Because the positive around the token now finally seems to be returning, technical analysts expect the Ripple price to rise much further in the short term.
What is the reason for the XRP price increase?
The fact that the Ripple price is rising this week is an extremely good sign. This is because the rest of the crypto market is having a hard time. The price increase of the XRP token is therefore entirely due to the developments in the lawsuit against the SEC. Although both parties have filed for summary judgment, Ripple appears to be increasingly confident in the outcome.
Ripple’s increasing confidence in the outcome can be clearly seen in the tweets of the company’s attorney, Stuart Alderoty.
Alderoty, stated that the SEC has been unable to meet a single point of the Supreme Court’s Howey test. The Howey test is how the regulators distinguish an asset as a security. Furthermore, the lawyer says that Ripple is confident and that this could be the beginning of the end for the lawsuit that has been going on since December 2020.
How far can the XRP price rise?
The price of the XRP token has risen by more than 30 percent in the past week. During this price gain, XRP broke through a key technical resistance of $0.384 and even crossed the $0.397 level as a support. Several technical analysts are saying that this is a very positive sign and the chances are quite high that the token could soon rise to the USD 0.46 level. If this also succeeds, the next resistance zones at $0.560 and $0.596 can be sought.