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Ripple (XRP) saw a price increase of 2% in the last 24 hours, rising to $0.536380, even as the overall cryptocurrency market slipped by 1%. As anticipation grows around Ripple’s ongoing legal battle with the SEC, XRP demonstrated considerable growth, marking an 11% increase over the past week and a 15.5% surge in the past 30 days.
Ripple Performance!
The altcoin has already seen a 57% increase since the start of the year, with analysts suggesting it could perform better than Bitcoin (BTC) and other major cryptocurrencies this year. This performance, however, could hinge on a positive outcome in Ripple’s aforementioned legal case. There is very little doubt that XRP could have one of the best rallies among the top 100 cryptocurrencies in 2023. Despite falling from 80 yesterday, XRP‘s relative strength index remains above 50, which could suggest it is still experiencing buying demand.
Similarly, the altcoin’s 30-day moving average continues to rise above its 200-day average, signaling potential ongoing momentum. In other words, XRP’s current rally could persist as it continues to consolidate around higher multiples and support levels.
XRP Developments!
However, XRP’s anticipations are not merely short term. It is expected that Ripple’s case with the SEC will conclude in the coming months. In a recent interview, Ripple’s CEO Brad Garlinghouse hinted that the case could conclude within a few weeks. This prediction might explain XRP’s recent outstanding performance.
Another factor potentially driving Ripple’s performance could be the positive developments in Ripple’s legal case. Last week, documents were released indicating that the SEC received legal advice that XRP was not a security before it filed the lawsuit against Ripple.
Regulators’ claims are further weakened as some commentators suggest that they could not prove several critical arguments, including the allegation that investors had a reasonable expectation of profit when they first purchased XRP.
