Ripple’s XRP Rises as Community Believes Lawsuit Will Go Against SEC
Aiswarya Gopan • 2 min read
Ripple’s XRP is on an uptrend early on Monday, supported by the upbeat sentiment among crypto investors, leaving behind the pressure faced due to the uncertainties from the ongoing lawsuit with the SEC. At the time of writing, XRP/USD is trading around $1.32.
On the legal front, there is cautious optimism building up among the XRP community that the SEC’s refusal to hand over documents related to its employees’ holdings in the cryptocurrency could work in Ripple’s favor. In addition to this data, the SEC not giving access to internal documents about the status of XRP and ETH stating that they are protected by DPP could also help strengthen Ripple’s standing in court in the lawsuit. These hopes have driven up volatility in the XRP coin lately and helped in to stay bid lately, even though its moves upwards are far weaker than those seen in other cryptocurrencies across the board.
There has also been increased activity among XRP whales, another promising sign that Ripple’s cryptocurrency could be gearing up for strong price action in either direction in the near term. According to Whale Alert, several ‘whales’ or large holders of the crypto undertook transactions of millions of XRP coins across unknown wallets. In addition, overall activity among XRP wallets has been on the rise lately, with transaction volumes surging higher and supporting the price of Ripple’s XRP.
Leading crypto analyst and trader Michaël van de Poppe has also shared an encouraging forecast for XRP, observing an uptick in its bullish momentum lately. He estimates a build-up in a rally which could take Ripple’s cryptocurrency higher by more than 40% over the coming sessions, based on his technican analysis.
Key Levels to Watch
On the H4 price chart of XRP/USD, moving averages and leading technical indicators MACD and momentum are exhibiting a strong bullish bias. The XRP’s price is holding above the pivot point at $1.26 and it looks like buyers are getting ready for a test of resistance at $1.38.
An uptick in buying interest can take Ripple’s cryptocurrency past this point and above the key $1.40 mark. However, a break past $1.50 would require buyers to overcome resistance once again, this time at $1.47.