The Ripple price is getting unstoppable. XRP rallied to a high of $0.9453, the highest level since April 2018. It has risen by more than 400% from its lowest level in December last year when the SEC filed its lawsuit. Its market cap has rallied to more than $40.7 billion, making it the sixth-biggest digital currency in the world after BTC, ETH, BNB, USDT, and DOT.
What happened: The Ripple price has been resilient even after the SEC lawsuit that culminated in many exchanges like Coinbase and Binance suspending the XRP token. Analysts believe that the lawsuit will have no major impact on XRP, which is now decentralized and independent from Ripple Labs. Indeed, in an interview with CNN, the company’s CEO said:
“We could do that. We’ve always thought about our product as ‘How do we solve a customer’s problem first and foremost?’ And I think that has served our growth. It’s a reason why we have seen so much activity now, billions and billions of dollars of transactions across Ripplenet, our network for payments”.
The XRP price has also rallied since investors are optimistic about the growth of the remittances industry. Just last week, Ripple Labs announced that it was acquiring Trangle, an Asian cross-border company in its bid to increase its market share.
The four-hour chart shows that the XRP price has been in a general upward trend lately. This uptrend has been supported by the ascending blue trendline that connects the lowest levels since February.
And during the weekend, the price managed to move above the important resistance at $0.6465, which was the highest level since February. It is being supported by the rising moving averages while the Average True Range (ATR) has moved to the highest level since February 24.
Therefore, in my view, the overall trend remains bullish as the Ripple price approaches $1. However, we should not rule out a short-term pullback as some investors take profit.
