Why is the Ripple (XRP) Price Up Today?
TL;DR
- XRP’s Performance: Ripple’s XRP recently surpassed the $0.60 mark, the highest level in 11 weeks. This surge is attributed mainly to the favorable progress in the Ripple-US SEC lawsuit and the rediscovery of advice from legal scholar Joseph Grundfest cautioning the SEC against suing Ripple.
- Market Context: XRP’s rise stands out as most major cryptocurrencies have shown mild gains or maintained their previous levels.
- Future Outlook: Some analysts, like Dark Defender on Twitter, believe XRP could climb to $0.66, citing the formation of a “Bull Flag Pattern.”
XRP Among the Top Performers
Ripple’s native token – XRP – has been among the best-performing cryptocurrencies lately, with its price spiking towards fresh peaks. Several hours ago, it crossed the $0.60 mark for the first time in 11 weeks. The leading factor behind the uptrend could be the positive development of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
The blockchain enterprise has so far secured three partial victories that have given it the upper hand in the trial next spring. As CryptoPotato recently reported, a curious revelation that resurfaced after nearly three years might also play a role.
Specifically, the prominent US lawyer John Deaton (who represents thousands of XRP investors in the lawsuit against the regulator) reminded of a letter written by renowned American legal scholar Joseph Grundfest. The latter advised the previous SEC commissioner, Jay Clayton, not to sue Ripple, as it would mean a systemic, international risk that could hurt many innocent individuals.
It is worth mentioning that XRP’s impressive performance comes amid a market consolidation where most of the leading digital assets have either charted mild gains or kept trading at their approximate levels from yesterday (October 31).
Is There Potential for Further Increase?
Some analysts have argued that XRP’s rise would not cease here. The popular X (Twitter) user Dark Defender recently suggested that the coin could soon shoot to $0.66 since it has formed a “Bull Flag Pattern.”
Those curious to find out whether XRP is poised for an additional jump in the remaining months of 2023 could take a look at our video below:
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