XRP price rallied sharply today, soaring to new heights and leaving cryptocurrency enthusiasts thrilled. The digital asset has climbed to a four-month high, propelled by an optimistic sentiment that has been driving the markets recently.
According to data from CoinMarketCap, XRP has surged by over 21% in 24 hours, currently trading at its highest level since early November.
Following a prolonged consolidation period within a narrow range, the price of XRP has finally experienced a surge that has propelled it beyond the upper boundary of the triangle formation, as well as the crucial 200-day moving average, which is currently valued at around $0.3997.
However, the digital asset is now facing significant resistance in the $0.44 price range. Should XRP be able to successfully overcome this resistance level, it is anticipated that an impulsive rally toward higher prices will occur in the near future.
The cryptocurrency, which is among the largest by total market capitalization, hit a remarkable $0.4914 earlier today, sparking excitement among investors who are eagerly watching its upward trajectory, data from crypto market tracker Coingeckos shows.
What’s Causing XRP Price Rally?
Analysts attributed Ripple’s recent gains to a bullish investor sentiment that has been fueled by the company’s ongoing legal battle with the U.S. Securities and Exchange Commission.
According to experts, the high-profile case has generated significant attention from investors, who are closely monitoring its progress and betting on the outcome.
The positive sentiment has been a key factor in driving up the value of XRP tokens in recent days, as investors remain optimistic about the company’s ability to successfully navigate the legal challenges it faces.
The SEC has filed a lawsuit against Ripple, the blockchain payment company, alleging that it has been selling unregistered securities in the form of XRP tokens.
Ripple’s Ongoing Showdown With SEC
The lawsuit alleges that Ripple’s co-founder, Chris Larsen, and CEO, Brad Garlinghouse, have personally profited from the unregistered sales, which have taken place over the course of several years.
Ripple has denied the allegations, arguing that XRP is a digital currency and not a security, and has vowed to defend itself vigorously against the SEC’s charges.
Despite the ongoing legal battle with the SEC, Ripple’s chances of prevailing in the lawsuit seem to be improving due to mounting evidence of XRP’s practical value.
XRP’s usefulness in a variety of applications demonstrates its potential, raising the possibility of a favorable ruling in the lawsuit and paving the way for the digital currency to make a comeback.
Furthermore, the recent partnerships Ripple has forged demonstrate that XRP can be utilized in real-world retail settings, providing evidence that it should be treated as a currency or commodity rather than a security.
According to Finder, a panel of 36 industry experts has made a prediction regarding the future value of XRP. Their conclusion is that XRP price should be valued at $3.61 by the year 2025. However, it’s important to note that not all of the experts on the panel agree with this forecast. In fact, some members of the panel believe that XRP won’t even reach the $1 threshold by 2025.
While the prediction made by the majority of the panel may seem optimistic, it’s important to remember that the cryptocurrency market is highly volatile and unpredictable. The value of XRP could be influenced by a variety of factors such as changes in regulation, market trends, and technological advancements.
-Featured image from Getty Images
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