• XRP is back above $0.50 per token, up 2.0% on Friday, and breaking out of a downtrend from the yearly highs.
• Investors remain bullish on the likelihood that Ripple will secure a favorable outcome in the ongoing lawsuit versus the SEC.
• Activity on the XRP Ledger has also been surging, with investors betting on a favorable outcome for Ripple that should boost XRP demand.
Ripple’s Ongoing Lawsuit with SEC
Ripple has been facing a lawsuit from the US Securities and Exchange Commission (SEC) since December 2020, when they accused the fintech company of issuing over $1 billion worth of XRP as unregistered securities. However, in ten days’ time, documents from former SEC chairman William Hinman are due to be released which may show that at the time of issuance, the SEC was unsure as to whether XRP was a security or not. This could potentially undermine their argument against Ripple and lead to an eventual favorable ruling for Ripple in terms of this case.
XRP Back Above $0.50
The cryptocurrency XRP is back above $0.50 per token once again on Friday and looks to reignite momentum following its strong bullish run in recent weeks. The mid-April highs near $0.55 are seen as potential areas of resistance before any further price appreciation can occur towards its yearly highs around $0.58 per coin can happen.
Surging Activity On The XRP Ledger
On-chain analytics firm Santiment recently highlighted increasing activity on the XRP ledger which could indicate more and more people are investing in it as well as speculating upon its future performance once Ripple wins their lawsuit against the SEC (which could lift some uncertainty regarding how it is classified).
Price Predictions For XRP
Given all these factors combined, many investors remain bullish about what might happen next for XRP when all is said and done with regard to Ripple’s legal situation with regards to their issuance of it – some even predicting that if everything goes right it could 100x after settling with charges from SEC!