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Despite the recent dip in the broader crypto market prompted by news about the Binance CFTC lawsuit, XRP has seen a surge in value in the past week. Likewise, Bitcoin (BTC) has also rebounded and reached $28,500 on Wednesday, because of the anticipation of the Ripple-SEC lawsuit verdict, which is slated to be revealed either this week or next.
Possible Appeal Outcome in Ongoing Lawsuit Against SEC: Will this impact the Price of XRP?
Lawyer John Deaton has suggested that the current value of XRP, which surpassed the $0.56 mark, could hinge on the summary judgment outcome of the ongoing lawsuit between Ripple and the SEC.
According to XRP lawyer John Deaton, Ripple has plans to appeal the verdict if the U.S. Securities and Exchange Commission (SEC) wins the ongoing case. Deaton stated XRP has the most appealing risk-to-reward ratio among all altcoins, and as a result, the token surged by 23% compared to last week.
A recent bullish breakout from the $0.55 resistance level to $0.57 has set XRP up for a potential 40% rally. Deaton also pondered the potential upside to the token’s price if Ripple emerged victorious in the lawsuit. Following the breach of resistance, the following resistance levels for the XRP token are at $0.65 and $0.72. However, if Ripple successfully defeats the SEC’s accusations of selling unregistered securities, the entire cryptocurrency market could benefit on a broader scale.
XRP Market Price Analysis
At the time of writing, the trading price of XRP (XRP) is $0.537218, experiencing a slight decrease of -1.07% in the past 24 hours but a significant increase of 19.70% in the past 7 days. We value the market capitalization of XRP at $27,763,131,237, with a circulating supply of 52 billion XRP tokens.
In the past 24 hours, XRP’s trading volume has decreased, with a 50.50% drop from the previous day, showing a recent decline in market activity. The all-time high price for XRP was $3.40, recorded on January 7, 2018, which is currently -84.18% lower than the current trading price.
Conversely, the all-time low price for XRP was $0.00268621, which is currently 19,916.77% lower than the current trading price. XRP ranks 6th on CoinGecko, with its market capitalization calculated by multiplying the token price by the circulating supply of 52 billion tokens available for trading in the market.
Compared to the global cryptocurrency market, which has increased by 1.50%, XRP has outperformed with a price increase of 19.70% in the past 7 days. Similarly, compared to similar cryptocurrencies, XRP has also outperformed, with no growth recorded in the past 7 days.
XRP Price Prediction: XRP/USD Technical Analysis
Over the past week, XRP has been experiencing bullish moves, attracting the investor class. After lingering in the support zone of $0.39 to $0.35, the price broke up, surging past the psychological resistance level at $0.50. XRP is still trading above the 50-day and 200-day moving averages, showing the bulls are in control of the market. The relative strength index is also strongly bullish, trading above the 50-level mark at 71.
However, the resistance level at $0.56 may cause the price to return to the previous support level. Furthermore, the XRP price has also formed a double top pattern, showing that the price will return to its former support level—key resistances to observe at $0.65 and $0.68, respectively.
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