The price of XRP has risen by 2% in the past 24 hours, with its ascent to $0.536380 coming as the cryptocurrency market as a whole dips by 1%.
Over the past week, XRP has experienced an 11% increase in value, and over the last 30 days, it has seen a significant jump of 15.5%. This surge in price is occurring as the anticipation grows surrounding Ripple’s ongoing legal battle with the SEC.
Analysts are suggesting that the altcoin, which has already seen a price increase of 57% since the start of the year, has the potential to outperform Bitcoin (BTC) and other prominent cryptocurrencies in the current year.
This will of course depend on Ripple securing a positive judgment in the aforementioned case, but if it does, there’s little doubt that XRP will go on to have one of the best rallies of any top-100 cryptocurrency in 2023.
As expected, the chart of XRP demonstrates a cryptocurrency that is currently exhibiting considerable strength and momentum. The trading volume of the coin has surged to over $1.4 billion today, a significant increase compared to the mere $600 million recorded just yesterday.
XRP’s relative strength index (purple) remains above 50, despite dipping from 80 yesterday, indicating that it continues to retain buying demand.
Likewise, the altcoin’s 30-day moving average (yellow) also continues to rise above its 200-day average (blue), which also indicates sustained momentum.
Put simply, the ongoing surge in XRP’s value might persist for a considerable period of time. Additionally, the support level, indicated by the green line, indicates that XRP is consistently stabilizing at progressively higher levels.
But it’s not only the short-term that XRP has to look forward to, with Ripple expecting an end to its case with the SEC in the next few months.
PS: feels like the interviewer is an XRP holder 🤣 pic.twitter.com/OT303FoNZI
— XRPnewt.XRP (@XRPnewt) May 25, 2023
In fact, Ripple CEO Brad Garlinghouse has said in a recent interview that he suspects the case could conclude in a matter of weeks, a prediction that possibly explains why XRP has been doing so well in recent days and weeks.
XRP’s performance can be partly attributed to Ripple’s recent positive developments. Last week, documents were shared that seemed to indicate the Securities and Exchange Commission (SEC) had received legal advice stating that XRP should not be considered a security. This information is relevant because it suggests that the SEC’s lawsuit against Ripple may have been based on differing opinions regarding XRP’s classification.
This additional information undermines the regulator’s position even more, as some experts argue that they haven’t successfully demonstrated several crucial points, such as the assertion that individuals who initially purchased XRP from Ripple had a reasonable anticipation of making a profit.
Finally the opinion of SEC expert no.1 that based on XRP design features and Ripple public statements a reasonable XRP purchaser would have had an expectation of future profit derived from Ripple’s efforts was not permitted by Judge Torres. /5 pic.twitter.com/HRsPORGHN1
— bill morgan (@Belisarius2020) May 29, 2023