XRP is currently at $0.3899 which is the result of recent positive external developments. After CoinGeckoRipple’s native token moved up 12% on weekly and bi-weekly timeframes.
Positive news was brewing in the US Securities and Exchanges Commission (SEC) vs. Ripple lawsuit which started in December 2020. Just last month Ripple received a small profit when the SEC was ordered by a judge to turn over the Hinman documents detailing the former SEC director’s speech that said so Ethereum was no security.
With Ripple CEO Brad Garlinghouse is cautiously optimistic about the current crypto climate. Can XRP Bulls Reach Their $1 Target?
Sending waves across the market
XRP has maintained its place in the hearts of many investors. Binance data shows that the token remains in the top 5 most traded on the platform, just behind BNB and just above BUSD.
Whales also join the party. According to whale trackers WhaleStatsthe token also became one of the top 100 most traded. This surge in whale and market activity is certainly a sign that XRP is recovering from its previous market lows.
When the lawsuit comes to you EndXRP has the luxury of targeting higher prices in the future.
🐳 Hodling the best 4000 #BSC whales
Whale Leaderboard 👇 pic.twitter.com/I2ww8aqERV
— WhaleStats – The Top 1000 BSC Richlist (@WhaleStatsBSC) January 18, 2023
$1 Goal: Hittable or Delusion?
As of this writing, the token is stuck at its current support at $0.3845, showing a battle between bears and bulls. As the bears retest the support, XRP may experience pain in the near-term as the bulls try their best to scale the $1 level.
The price of the token would also be determined if the company wins the lawsuit. If Ripple wins, XRP would react positively and do the opposite if it loses the lawsuit. But with Ripple having a good chance of winning, the positive market sentiment would see the token skyrocket in price.
XRP Total Market Cap at $19.7 Billion on the Daily Chart | Chart: TradingView.com
However, the current support area has been constantly tested by bears since January 15th. Even with its high correlation with Bitcoin – which recently broke a key resistance level – it may not perform as well as the other altcoins on the market.
Compared To the top winners among the top 100cryptocurrencies XRP gains are significantly lower over the same period. Investors and traders should keep an eye on the lawsuit as it would have a significant impact on the price of XRP.
In the short-term, XRP represents a good opportunity as the price could break the current support at any moment.
Featured image from The Market Periodical
Source: Crypto News Deutsch