Ripple price pulled back this week as last week’s rally took a breather. The XRP token was trading at $0.4735 on Tuesday, which was about 15% below the highest level last week. This price is about 52% above the lowest level this month, giving it a market cap of more than $23 billion.
XRP price has been in a strong bullish trend in the past few days as investors focus on the ongoing SEC vs Ripple case. The case, which was filed in December 2020, centers on whether Ripple Labs raised money without following due process. Ripple and its executives have defended the process that they used to raise funds in 2013.
In a statement last week, Ripple Labs urged the judge overseeing the case to rule on the matter as soon as possible. The SEC also filed motion for summary judgment to the judge seeking for the matter to conclude.
At the same time, the court accepted a request by the Chamber of Digital Commerce to file an amicus curiae brief in the case. In a statement, the advocacy group said that the court had asserted that a digital asset was not a security solely by virtue of being represented in a digital form.
Therefore, the XRP price rallied as investors predict that the case will conclude soon. While its too early to predict, we believe that any judgment will be positive for Ripple. For one, the worst case scenario is where Ripple gets a big fine.
Ripple price also rose after the company made some partnerships. The firm expanded its partnership with I-Remit, Travelex Bank, and Bitso. These companies will use the platform’s On-Demand Liquidity to boost their services.
The four-hour chart shows that the XRP price has been in a strong bullish trend in the past few weeks. As it rose, the coin managed to move above the important resistance level at $0.3913, which was the highest level on August 17. The coin has also moved above the 25-day and 50-day moving averages. It has also formed a bullish flag pattern.
Therefore, Ripple price will likely have a bullish breakout as buyers target the important resistance level at $0.5578. A drop below the support at $0.40 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 09:54