Ripple (XRP) price poised for 20% rally as key indicators flash buy signals

April 4, 2023 William Johnson Cryptocurrency News 0

Ripple Hacked for $112 Million in XRP

Ripple (XRP) is one of the most popular cryptocurrencies in the world, with a loyal fan base and a strong use case in cross-border payments. However, the coin has been under pressure lately due to a legal battle with the US Securities and Exchange Commission (SEC), which accuses Ripple of selling unregistered securities.

Why XRP could surge 20% soon

Despite the regulatory uncertainty, XRP has shown remarkable resilience and has outperformed many other cryptocurrencies in the past week. The coin has jumped from $0.35 to $0.44, a 25% increase, as investors hope Ripple will win the case against the SEC or reach a settlement.

According to technical analysis, XRP is poised for more gains in the near future. The coin has broken above a descending trend line that has been capping its upside since November 2020. It has also cleared the 50-day and 100-day moving averages, which are now acting as support levels.

If XRP can sustain above $0.40, it could target the next resistance at $0.50, which is also the 200-day moving average. A break above this level would open the door for a 20% rally to $0.60, a key psychological level and a previous high.

Why fundamentals support XRP’s bullish case

Apart from technical factors, XRP also has strong fundamentals that support its bullish case. The coin is widely used by banks and financial institutions for fast and cheap cross-border payments, thanks to Ripple’s network of partners and products.

Ripple has recently announced several positive developments that could boost XRP’s adoption and value. For instance, it has launched a new service called Line of Credit, which allows customers to borrow XRP from Ripple on credit and pay it back later with a small fee. This could increase the demand and utility of XRP among Ripple’s clients.

Ripple has also expanded its presence in Asia, one of the fastest-growing regions for crypto adoption. It has partnered with SBI Holdings, a Japanese financial giant, to launch a new venture called SBI Ripple Asia, which aims to provide blockchain-based payment solutions across the continent.

Moreover, Ripple has invested in several projects and startups that are building on top of XRP Ledger, such as Flare Networks, Forte, Coil, and XRPL Labs. These initiatives could create new use cases and innovations for XRP and its ecosystem.

With technical indicators pointing to more upside potential and fundamentals supporting its growth prospects, XRP could be on the verge of a 20% upswing that could take it to $0.60 in the near term.

As one analyst put it: “XRP is screaming ‘Buy now'”.

“XRP is screaming ‘Buy now'”

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Trading cryptocurrencies involves high risks, and you may lose your entire capital. Always do your own research and consult a professional before making any investment decisions.

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Ripple's XRP ServicesRipple (XRP) price poised for a massive 43% rally as W-bottom pattern emerges The SEC’s green light for Bitcoin ETFBitcoin(BTC) Price Poised for a Rally to $45,000, Analyst Predicts XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.Ripple (XRP) Price Explodes Over 70% as SEC Loses Key Round in Battle XRP Price to Hit New All-Time Highs as XRPL Adoption Goes MainstreamXRP Price Set to Skyrocket to $10 if Ripple Wins Lawsuit – Lawyer Asserts Rocket Pool and Thorchain: What Caused the 6% Decline?Ripple (XRP) Price Breaks $0.55 Resistance on Optimistic Reaction to Hinman Documents Ripple's XRP ServicesRipple’s XRP Price Falls 5% as Bitcoin and Ethereum Prices Also Decline Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing LawsuitRipple (XRP) Price Falls 5% in 24 Hours, Continuing Downward Trend XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.XRP remains outside Ripple’s Liquidity Club even after 5 months? Here’s how Ripple CTO reacts
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About William Johnson 260 Articles
Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.

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