Ripple (XRP) is starting Thursday on a somewhat optimistic note, climbing higher after the sudden crash that saw prices tanking by more than 30% over the previous session. At the time of writing, XRP/USD is trading at around $1.15.

The legal tussle between the SEC and Ripple continues to weigh on the sentiment, although the recent spike in activity are giving investors some hope that the conclusion may be near. Over the past several weeks, both parties have filed numerous motions – from the founders of Ripple asking the court to dismiss individual complaints against them to the SEC filing an objection against XRP holders’ Motion to Intervene, alleging their partiality.

Even as the lawsuit drags on with no end in sight just yet, Ripple has been in the headlines for several positive developments driving increased adoption of its technology. In latest news, the company has entered into a partnership with the National Bank of Egypt – Egypt’s largest bank, to use the RippleNet for cross-border remittances with UAE-based financial services provider Lulu International Exchange.

The announcement offers yet another instance of mainstream adoption of blockchain technology for cross-border transactions at a fraction of the cost and time as conventional financial institutions take. The news is especially important as Egypt is one of the largest recipients of remittances worldwide, with 2020’s total remittances into the nation touching $24 billion.

Key Levels to Watch

Although the news about the partnership with the NBE is a reason to cheer among XRP traders, at the moment, Ripple continues to trade with somewhat of a bearish bias. For the trend to reverse and for its price to climb higher, buying interest needs to build adequate momentum to cross the $1.42 level.

Despite technical analysis pointing to a possible downward pressure, XRP/USD is on the rise, holding well above the support at the $0.99 level for now. If it continues to make gains through the day, the next level of support sits at the $1.22 level which it needs to rise above for the bullish trend to strengthen.