XRP, which gained momentum with the rumors that the lawsuit between Ripple and the SEC will result in Ripple’s favor, continues to stay on the agenda.
XRP, which has gained 20 percent in the last seven days and is among the top 100 coins this week, has experienced a 45 percent increase in the last two weeks. This price action comes after speculations that the Ripple-SEC case is nearing its end.
XRP May Continue Positive Pricing
Looking at the chart and technical indicators of XRP, we see that sooner or later the cryptocurrency will experience a correction. The relative strength index climbed above 70 yesterday, but has now started to decline, indicating a loss of momentum that could potentially cause price drops.
On the other hand, XRP’s 30-day moving average has just passed the 200-day average. This could signal a breakout rally that could continue for a few more days. While XRP has been heavily bought at the moment, it is worth remembering that the asset has been undervalued for quite some time.
With Whale Alert revealing that there have been several large transfers from exchanges recently, it seems that whales are expecting more earnings. No matter what price action XRP follows in the short term, it is an undeniable fact that Ripple will experience a huge rise if its case with the SEC turns out to be positive.
Regardless of when the decision comes out, Ripple and the cryptocurrency community seem pretty confident that it will be a positive decision as it will ensure that Ripple continues its business and exchanges continue to list XRP.
Despite the litigation that has hindered Ripple’s development over the past few years, XRP Ledger accounts have grown from around two million when the lawsuit started in December 2020 to almost five million now.
In light of all this, Ripple can grow really fast in the months and years following the conclusion of the case.
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