The XRP price has gained by 5% in the past 24 hours, reaching $0.502702 upon growing expectation that Ripple will win its long-running case against the SEC.
XRP’s current level represents an 8% rise in a week and an 18% increase in the past fortnight, with the altcoin also having risen by 47% since the beginning of the year.
This appreciation has happened in the context of signs that the Ripple-SEC is due to end soon, and the recent release of SEC emails suggests that the ultimate decisions will end up more in Ripple’s favor.
As such, XRP could witness a massive rally in the next few weeks, although it’s not the only altcoin looking at the prospect of big surges this year, with the Wall Street Memes presale now raising in excess of $1 million.
Ripple Price Prediction – XRP to $1 on Court Case Latest
XRP’s chart reveals a cryptocurrency with some very strong momentum, momentum which doesn’t look like fading away anytime soon.
For one, XRP’s price and 30-day moving average (yellow) have risen far above its 200-day average (blue), indicating a breakout to a new longer term level.
At the same time, the coin’s relative strength index (purple) has surpassed 70 in a few instances in the past couple of days, signalling some very healthy buying pressure.
Also healthy is XRP’s 24-hour trading volume, which has risen to $1.5 billion in the past few hours, up from $500 million over the weekend.
What this reveals is a flood of investors looking to buy the coin now, as new details emerge which support the argument that the Ripple-SEC case will end with a positive judgment for the cryptocurrency firm.
In particular, SEC documents submitted as part of a Ripple submission appear to show that the regulator had received legal opinion (prior to opening its case against Ripple) that “XRP does not satisfy all elements of the Howey analysis and is therefore not a ‘security’ for the purposes of the federal securities laws.”
This is a major development, with the document supporting the idea that the SEC had not really given Ripple sufficient fair notice that it may deem XRP as a security, largely because it didn’t really regard XRP as a security itself.
Indeed, some observers are taking this new revelation as further evidence that the SEC launched its legal action against Ripple as some kind of motivated attack against the company, potentially driven by bias towards Ethereum.
Such a theory remains speculative, yet this doesn’t change how weak the SEC’s case appears at the moment, with the market increasingly expecting Ripple to come out looking victorious in the next few weeks.
And when this happens, XRP could easily rise from its current price of about $0.50 to $1 in a matter of days or weeks.
From there, the market’s return to more bullish conditions could easily help it rise steadily towards $2 by the end of the year, while a full-blown bull market next year may even see it beat its current all-time high of $3.40.
This article was originally published by CryptoNews.
