In recent weeks, XRP has emerged as one of the top-performing cryptocurrencies, with the ongoing legal battle between Ripple and the Securities Exchange Commission (SEC) playing a partial role in its surge. XRP has broken crucial resistance levels and gained sustained interest from investors, resulting in an inflow of about $8.85 billion in market capitalization within a month. By press time, XRP’s market cap stood at $26.93 billion, representing a growth of about 49% from the $18.07 billion recorded on March 17, according to CoinMarketCap data.
Furthermore, XRP has finally broken the elusive $0.50 resistance position that had remained unbroken for most of 2023, currently trading at $0.52, marking a notable 40% growth over the last 30 days. The asset has its sights set on the $1 position, but faces several barriers along the way, with the $0.60 level seen as a key hurdle to breach.
The XRP technical analysis on TradingView is predominantly bullish, with moving averages indicating a “strong buy” sentiment and oscillators remaining neutral. The surge in XRP’s performance is possibly driven by increasing optimism among the token community regarding the ongoing legal tussle between Ripple and the SEC. The outcome of the case, expected in the first half of 2023, is viewed as a possible bullish trigger for XRP, with the unsealing of Hinman documents offering insights into the SEC’s initial classification of securities.
In response to the SEC’s recent letter of supplemental authority, Ripple’s legal team has filed a letter stating that the SEC’s case does not provide grounds for dismissing their fair notice defense in the ongoing lawsuit. Ripple has argued that the Commonwealth Equity Services case, cited by the SEC, lacks contemporary evidence to support its fair notice defense, while the ongoing case has substantial evidence, including records from the SEC and correspondence between the agency and outsides parties.
The inflow of over $8 billion into XRP’s marketcap within a month is a promising development for the asset at this critical phase with the lingering lawsuit. However, it’s important to note that investing in cryptocurrencies is speculative and carries risks.
Summary: XRP has seen a surge in its market cap by $8.8 billion in 30 days, with increasing investor interest and optimism driven by the ongoing legal battle with the SEC. XRP has broken resistance levels and aims to reach $1, facing hurdles along the way. Technical analysis indicates a bullish sentiment, and Ripple’s legal team is defending their fair notice defense. The inflow of funds is a positive development, but investing in cryptocurrencies comes with risks.