Ripple Price Rises 25% Is it time for $ 0.78?
The ongoing lawsuit and the SEC's claims to classify Ripple's native currency, XRP, as a security, temporarily destroyed the currency's valuation.
Ripple's valuation at pre-SEC levels
A few days before the SEC sued Ripple and its senior board members, XRP was trading at around $ 0.60. It was driven by ongoing developments around the Flare Network and the likelihood of adding XRP as collateral in the rapidly evolving and disruptive DeFi ecosystem.
Fast forward, two weeks later and after the bomb pronouncement, XRP prices fell to as low as $ 0.17 sometime in December.
As if that wasn't enough, several exchanges, including Coinbase and Binance, said they would suspend trading the digital currency until the case is resolved and clarity is found. However, less than four months later, the price of XRP rebounded, reducing losses against the dollar and returning to the valuation of early December 2020.
The current SEC case favoring Ripple?
Trading at more than $ 0.65, the coin ranks seventh in the market capitalization ranking. Interestingly, in this assessment, Ripple, the blockchain-based remittance company, has also severed its relationship with MoneyGram and has the upper hand against the SEC.
They have successfully forced the agency to submit documents and other communication materials used to examine and classify ETH and BTC as public services.
Ripple's lawyers claim that XRP has the same characteristics as the two and is not an investment contract whose ownership means a part of Ripple's income.
Ripple price analysis
To date, the ripple price it's up a massive 25 percent, driven by strong fundamentals.
From the daily chart, the XRP bulls have shaken off late March losses and are on the rise as volumes rise.
Ripple buyers are in firm control after the early April 5 super gains above $ 0.65. The brand is a reliable selling wall that has been broken, laying the groundwork for the XRP / USD price to rise to $ 0.75, undoing the losses of late February 2020 and retesting the 2020 highs.
Consequently, with strong fundamentals, aggressive traders could find an opportunity to buy the dips with targets of $ 0.75. The candle arrangement and alignment along the upper BB already suggests increasing momentum and strength.
Chart courtesy of Trading View
Disclaimer of Liability: Opinions expressed are not investment advice. Do your research.
If you found this article interesting, here you can find more XRP News