The XRP price has held up relatively well in recent days as investors are optimistic about the legal battle between Ripple and the SEC. The Ripple coin currently costs around $0.82, which is about 50% above its lowest level this year. The total market capitalization has risen to more than $39 billion.
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Ripple vs. SEC case
Ripple is a leading blockchain project that helps businesses simplify money transfers. Companies such as Santander and Ria Money Transfer, for example, can use a service known as on-demand liquidity (ODL). The service is part of Ripplenet and allows companies to conduct international transactions more cheaply and quickly.
Ripple has experienced strong growth in recent months. Two weeks ago, for example, Ripple Labs was valued at around $15 billion when the company held a stock sale. That makes it one of the largest companies in the fintech industry. Management has also indicated that it plans to take the company public in the coming years.
However, the ongoing legal battle between Ripple and the SEC is a thorn in the company’s side. The SEC alleges that Ripple received $1.5 billion from investors without following due process. Ripple denies the allegations and insists that its XRP is no different from other cryptocurrencies.
The XRP price has performed well recently as investors believe that Ripple will win the case. This assessment rests on the fact that the judge had granted Ripple’s lawyers access to the SEC’s internal communications.
Ripple Labs has vowed to continue the lawsuit to the bitter end. This is in contrast to what BlockFi did when it decided to pay $100 million in a settlement.
Another reason why the XRP price is doing well is because of its partnership with the Digital Euro Association (DEA) to work together on digital central bank currencies (CBDCs).
XRP Price Forecast
The daily chart shows that the XRP price has risen again in recent days. In the process, Ripple has managed to move above the top of the descending channel shown in red. The price has also moved above the moving averages of the 25-day and 50-day lines, while the stochastic oscillator has dropped slightly below the overbought zone.
As a result, the Ripple price is likely to continue rising in the coming days as investors target the next key resistance at $1. This view will be invalidated if the coin falls below the support at $0.7440.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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