XRP has experienced a significant price increase in the past ten days, following the upward momentum of Bitcoin and the news surrounding the lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs’s top executives. The popular cross-border money transfer token has risen by 7.2% and is currently trading at $0.5169, with a slight pullback from $0.53.
US SEC Drops Case Against Ripple Executives
The US Securities and Exchange Commission (SEC) has dropped its civil lawsuit against Ripple Labs’ CEO Brad Garlinghouse and executive chair Chris Larsen. The lawsuit, which began in December 2020, has been dismissed without trial. However, the case between the SEC and Ripple Labs is still ongoing.
Ripple executive Stuart Aldeorty described the move by the SEC as a “surrender” rather than a settlement, while Ripple itself referred to it as a “stunning capitulation.”
Investors responded to this news by purchasing more XRP, leading to a shift in momentum after several bearish months. Currently, the XRP price is above all three applied moving averages, indicating a bullish trend. The Moving Average Convergence Divergence (MACD) also supports this outlook.
If whales continue to buy XRP, the price could potentially reach $1 and even surpass its all-time high of $3.40 in 2018.
Hot Take: XRP Price Surges as SEC Drops Lawsuit Against Ripple Executives
The recent surge in XRP price can be attributed to two major factors: the positive news of the SEC dropping its lawsuit against Ripple executives and increased buying activity from whales. This development has given XRP investors renewed confidence in the token’s potential for growth.
With XRP holding above key moving averages and strong support at $0.5048, there is a strong possibility that the price will continue to rise in the coming days. The bullish outlook is further supported by the accumulation of XRP by whales, who hold a significant portion of the token’s total supply.
If this buying spree continues, XRP could reach $1 and potentially enter a bull run that could propel it to new all-time highs. However, as always, it is important to conduct thorough market research before making any investment decisions in cryptocurrencies.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute financial advice. Always do your own research before investing in cryptocurrencies.
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