XRP has become one of the best-performing cryptocurrencies in recent weeks, with the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) playing a part in the rise. XRP, in particular, has showcased its impressive performance by breaking key resistance levels and gaining continued interest from investors.
XRP Price Analysis
Investor interest led to XRP recording an inflow of about $8.85 billion in market capitalization within a month. At the time of writing, the coin’s market capitalization was $26.93 billion, up about 49 percent from $18.07 billion on March 17, according to CoinMarketCap.
Moreover, the persistent buying pressure pushed XRP to finally break above the hard resistance level of $0.50, which has not been broken for most of 2023. XRP is currently trading at $0.52 and has gained 40% over the past 30 days. During this period, XRP reached a peak value of $0.57 on March 29.
Right now, XRP may be aiming for $1, but the asset still has some hurdles to overcome on its way to that point. If XRP continues to rise, the $0.60 level remains key to cross before a possible path to $1.
Meanwhile, XRP technical analysis is mostly bullish. The summary of the one-day indicator appears to be in line with a 14-point buy sentiment. Moving averages remain strong at 13, while oscillators remain neutral at 9.
Ripple Basics
The rise in XRP may be due to growing optimism in the token community, who are expecting a positive outcome from the ongoing legal battle between Ripple and the SEC. The judgment in the case is expected to be announced in the first half of 2023, and this speculation may be one of the reasons for the recent surge in XRP performance.
In fact, if the case favors Ripple, it is seen as a possible bullish trigger for XRP. One area of focus was the unsealing of the Hinman filings, which provide a glimpse into the original SEC classification of securities.
In a recent major update, Ripple’s legal team responded to the SEC’s additional authorization letter in support of the summary judgment request. Ripple’s attorney, Michael K. Kellogg, filed a letter arguing that the SEC’s case does not offer grounds for denying the fair notice defense in the pending lawsuit.
Earlier, the SEC presented new arguments against Ripple. He cited the Commonwealth Equity Services case to justify denying Ripple’s fair notice defense and accepting the SEC’s request for summary judgment. Ripple argues that the Commonwealth case lacks contemporary evidence to support its fair notice defense, whereas ongoing litigation has a wealth of evidence, including SEC records and communications between the agency and outside parties. Overall, XRP’s entry into a market cap of over $8 billion in one month can be interpreted as a promising development for the asset at this critical stage, with litigation still ongoing.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Alican Ülker, without permission, may not be reproduced