XRP, the cryptocurrency associated with Ripple, has been witnessing an upward price surge and market sentiment.
So far this month, XRP has risen by over 37%. Analysts are now predicting further increases for the asset in the near term, buoyed by positive developments, including its legal victory against the U.S. Securities and Exchange Commission (SEC).
XRP price analysis
Analysts are observing a positive trajectory for XRP, aligning with the broader crypto market trends. The token is aiming to breach the $1 mark in its pursuit of a new all-time high.
According to ProSignalsFx, a crypto analyst on TradingView, XRP is currently trading in an uptrend along a rising support line, setting the stage for a potential further upward move. This anticipation rests on the token’s ability to retest the support line, crucial for sustaining the bullish trend.
Ripple’s XRP Ledger is on the brink of a significant upgrade, backed by an overwhelming 80% consensus among validators. This update aims to address obscured order books and enhance the overall functionality of XRPL. Users with the older Ripple software, like v1.11.0, have been directed to update their system.
Supreme Court showdown looms
Ripple CEO Brad Garlinghouse, recently announced Ripple’s intent to escalate its case against the SEC to the Supreme Court. Garlinghouse revealed that his firm had been offered an out-of-court settlement, which was subsequently withdrawn, a move he perceives as biased. This withdrawal signifies Ripple’s perceived upper hand in the ongoing legal dispute over XRP’s classification as a security.
Garlinghouse’s stance reflects a belief that Ripple has a strong position, asserting that the SEC should contribute to the resolution rather than antagonize the process.
XRP price analysis
Presently, XRP is valued at $0.654, representing an over 35% price surge in the last 30 days, per data from CoinGecko.
The cryptocurrency holds a market cap of over $35 billion with a circulating supply of 53 billion XRP. Notably, XRP’s future prospects are interlinked with the wider movements within the crypto market.
XRP is experiencing positive growth, aligning with the general market trend. However, uncertainties persist, primarily surrounding the outcome of the legal battle with the SEC.