Ripple price overcame significant challenges in the first quarter and emerged victorious. In total, the XRP price surged by more than 160% in the quarter, beating other popular digital currencies like Bitcoin and Ethereum.
XRP Q1 performance
What happened: In December, the Securities and Exchange Commission (SEC) launched a major lawsuit against Ripple Labs. The regulator argued that the company had raised $1 billion without following the law.
In the aftermath of the lawsuit, Ripple price crashed as many exchanges delisted or suspended the currency. Also, Ripple’s relationship with MoneyGram was suspended. The company and its senior executives vigorously defended themselves.
Therefore, in the second quarter, analysts and traders will be watching the ongoing lawsuit and what comes from it. If the SEC wins the suit, the XRP price could drop substantially and then resume the uptrend. However, in the likely scenario where Ripple wins the lawsuit, the price could surge as investors start pricing in more demand for the token.
In the four-hour chart shows that the Ripple price has been in a strong upward trend recently. It has moved slightly above the 25-day and 15-day exponential moving averages (EMAs). Notably, the price has moved above the standard pivot point and is approaching the first resistance.
Therefore, a strong bullish trend will be validated if the price manages to move above the important resistance level at $0.600, which was the highest level on March 22. If this happens, the next key level to watch is the second support of the standard pivots at $0.6830. However, a drop below the pivot point at $0.5300 will invalidate this trend.
