• XRP is currently trading just under $0.52, up a little over 2.0% on Friday
• Positive developments in Ripple’s ongoing lawsuit versus the SEC has helped boost the XRP price above its 21 and 50-Day Moving Averages
• Activity on the XRP Ledger has also been surging recently
XRP Price Surge
XRP is back above $0.50 per token once again on Friday, as the world’s sixth-largest cryptocurrency by market capitalization looks to reignite momentum following a strong bullish run in the past three weeks. The cryptocurrency was last changing hands just under $0.52, up a little over 2.0% on Friday, up more than 26% versus its mid-May lows in the $0.41 area.
SEC Lawsuit
Ripple was accused by US regulator, the SEC of issuing over $1 billion worth of XRP as unregistered securities back in December 2020. In ten days’ time, documents relating to a speech former SEC Chairman William Hinman made on cryptocurrencies will be released which investors are expecting to show that at one point, the SEC was unsure if XRP was a security or not – thus undermining their argument against Ripple and potentially leading to a favorable outcome for them in court with regards to this issue. Investors have been increasingly betting on such an outcome due to its potential implications for Ripple’s payments business and hence demand for XRP tokens too.
Chart Analysis
Chart analysis suggests that XRP remains on course to retest its yearly highs in the $0.58 area; given there are no key areas of resistance preventing it from doing so aside from mid-April highs of circa $0.55 per token seen earlier this year.
Network Activity
Activity on the XRP Ledger has also been surging recently according to analytics firm Santiment; as evidenced by two consecutive days where address activity spikes occurred – surpassing even those seen during March 18th’s mega pump event witnessed across all top crypto assets earlier this year..
Price Predictions
Price predictions have been resoundingly bullish ever since these recent developments emerged; with many investors expecting further upside once Ripple’s lawsuit status becomes clear once and for all after next week’s document release from the SEC regarding Hinman’s speech some years ago..
