XRP has gained 2% in the last day, reaching $0.476333, while the crypto market also rose by the same amount. This increase partially offsets the recent losses for XRP holders, but the altcoin is still 3% lower than a week ago and 6.5% lower than a month ago, although it has grown by 40% since January.
This growth is largely due to Ripple’s progress in its lawsuit with the SEC, which is expected to end soon. If Ripple wins or settles the case, XRP could surge in the next weeks, possibly reaching new highs in a new bull market.
A possible rewrite of this XRP’s indicators hints at a possible recovery for the altcoin, as its relative strength index has climbed from below 30 a few days ago to 50 today.
XRP Could Have One of the Biggest Rallies of the Year
Meanwhile, XRP’s 30-day moving average seems to have reached a low point compared to its 200-day average, suggesting that it and the coin’s price are likely to start going up again.
In fact, the rise of XRP’s price above its 30-day average indicates that momentum is now on the altcoin’s side and that it may have just started a rally that could continue in the medium term.
In the near future, XRP could reach $0.49 or $0.50, based on the current trend. However, the volatility of the crypto market could prevent a strong upward movement. Nevertheless, XRP has a better outlook for the long term, as the legal dispute between Ripple and the SEC is close to being resolved.
A key factor that could influence Ripple’s future and XRP’s availability on exchanges is the outcome of the SEC lawsuit. In recent weeks, some evidence has emerged that may favor Ripple’s position and challenge the SEC’s claims. For example, the Hinman emails showed that the SEC had no clear criteria for determining whether a cryptocurrency was a security or not.
The court’s decision is consistent with previous ones that favored Ripple, such as allowing the company to argue that it did not receive adequate warning from the SEC about XRP’s legal status and rejecting an SEC expert who claimed that XRP purchasers expected to profit from their investment.
These events suggest that Ripple could win the case, which would make XRP surge in value like never before this year.