In recent weeks, XRP has surfaced as one of the top-performing cryptocurrencies, with the ongoing legal battle between Ripple and the Securities Exchange Commission (SEC) playing a partial role in this surge. Notably, XRP has showcased its impressive performance by breaking crucial resistance levels and garnering sustained interest from investors.
The investor interest has resulted in XRP recording an inflow of about $8.85 billion in market capitalization within a month. By press time, the token market cap stood at $26.93 billion, representing a growth of about 49% from the $18.07 billion recorded on March 17, according to CoinMarketCap data.
Furthermore, the consistent buying pressure has propelled XRP to finally break the elusive $0.50 resistance position that had remained unbroken for most of 2023.
XRP is currently trading at $0.52, marking a notable 40% growth over the last 30 days. During this period, XRP reached its highest value of $0.57 on March 29.
XRP price analysis
As things stand, XRP is targeting the $1 position, but the asset has several barriers to break along the way. If XRP maintains its upswing, the $0.60 level remains key to breach before eying a possible path toward $1.
Meanwhile, the XRP technical analysis on TradingView is predominantly bullish. A summary of the one-day gauges aligns with the ‘buy’ sentiment at 14. Moving averages are for a ‘strong buy’ at 13, while oscillators remain neutral at 9.
The XRP surge is possibly driven by the increasing optimism of the token community, which anticipates a favorable outcome in the ongoing legal tussle between Ripple and the SEC. The verdict of the case is anticipated to be revealed in the first half of 2023, and this speculation may be contributing to the recent boost in XRP’s performance.
Indeed, if the case is ruled in favor of Ripple, it is viewed as a possible bullish trigger for XRP. One area of focus has been the unsealing of Hinman documents that offer a glimpse of the SEC’s initial classification of securities.
In one notable recent update, Ripple’s legal team has responded to the SEC’s letter of supplemental authority that supported the motion for summary judgment. Ripple’s lawyer, Michael K. Kellogg, filed a letter stating that the SEC’s case did not provide grounds for dismissing their fair notice defense in the ongoing lawsuit.
Earlier, the SEC filed a new argument against Ripple and cited the Commonwealth Equity Services case to justify rejecting Ripple’s fair notice defense and granting the SEC’s motion for summary judgment. Ripple argued that the Commonwealth case lacked contemporary evidence to support its fair notice defense, whereas the ongoing case had substantial evidence, including records from the SEC and correspondence between the agency and outside parties.
Overall, the inflow of over $8 billion into XRP’s market cap within a month is a promising development for the asset at this critical phase with the lingering lawsuit.
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