XRP has increased by 3.66% over the last 24 hours but has traded flat over the week. The crypto is trading at $0.3798, while its 24-hour trading volume has increased by 31.82%.
Ripple case could bring a positive outcome to XRP
The Ripple Labs and the U.S. SEC are going at it again, and things are moving fast. The case has a positive outcome for XRP, with several attorneys predicting the judgment could come any time over the coming days.
Judge Analisa Torres has motioned to remove a so-called expert SEC witness. In addition, she has denied the regulator’s motion to return the popular XRP advocate John E. Deaton’s status. The move confirmed the suspicion that the SEC case wasn’t as strong; hence the judge may reach a judgment whereby Ripple can keep on with its operations.
The two rulings are a big blow to the SEC case since the regulator now struggles to provide information on who purchasers of XRP expected profiting. Jeremy Hogan, an attorney, tweeted, “how the heck can the SEC prove ‘reasonable’ reliance.”
All these factors combined point to XRP’s possible upcoming rally.
XRP could cross the $1 mark
Assuming a positive outcome for Ripple, XRP could exceed its all-time high of $3.40. XRP will likely find a first hurdle at $0.68; if the level is crushed, the retracement level could be at $0.93. The level could then become the key hurdle for the price to cross the $1 mark.
If the price goes to $0.93, that would mean a 150% rally from the current price. In late January, the LBC token rose 154% after the SEC ruled that its sales on the secondary market are securities. Hence, the situation being similar to XRP, then the possibility of a climb to $0.93 does not seem impossible.
XRP could break the 38.2% Fibonacci level if the price goes up even higher. Hence, increasing its resistance to $1.13 will maintain the target to climb above $1.
Meanwhile, XRP’s Q4 2022 market report revealed that the token processed $226.31 million in XRP sales over the quarter alone.