Outside Source
TL;DR
- XRP briefly touched $0.60 but trails behind many other cryptocurrencies in terms of weekly gains.
- However, analysts believe it can experience a significant rally under some important conditions.
Is It Time for XRP to Shine?
Ripple’s XRP witnessed a solid resurgence in the past week, with its price jumping by 14% and briefly crossing $0.60. However, it slightly retraced in the past 24 hours to the current $0.585.
While XRP is in the green zone on a weekly scale, its gains are much less substantial than those of other leading cryptocurrencies. Recall that Bitcoin (BTC) hit a new ATH of over $84,000 earlier today (November 11), Cardano (ADA) has exploded by 80% in the past seven days, and Dogecoin (DOGE) tapped a three-year high of $0.31.
Nonetheless, several analysts remain optimistic that Ripple’s native token has yet to make the headlines. One person touching upon the matter was X user LEB CRYPTO. The trader predicted that XRP “can full send” once Ethereum (ETH) and Solana (SOL) “cool down.”
It is worth noting that ETH had lost some steam in the past 24 hours, with its price dropping below $3,200. However, it’s up again to $3,250 as of writing these lines. SOL keeps pumping and is currently worth around $220 (after registering a 5% daily increase).
For their part, Dark Defender noted XRP’s brief spike to $0.60, claiming it is poised to beat the “Diablo” resistance zone of $0.6655. CRYPTOWZRD said “we need more bullishness from XRP/BTC to expect a further bullish rally towards $0.65.”
“XRP/BTC needs to breakout above the 0.000007850 BTC resistance target area, a successful bullish breakout of that resistance will offer an upside rally which will help XRP to become bullish with it.
XRP should see a quick rally towards $0.6500, and for now, $0.5500 will be the main daily support target. Both Bitcoin and XRP/BTC will be leading the next move,” they concluded.
The Ripple v. SEC Case Remains an Obstacle
One potential factor putting the breaks on XRP is the ongoing lawsuit between Ripple and the US SEC. It dates back to December 2020, when the regulator accused the company and some of its executives of illegally raising more than $1.3 billion in an unregistered securities offering by selling its native token.
The case underwent numerous developments in the following years. Last month, the SEC appealed a 2023 verdict set by Judge Torres. The move is likely to delay the final resolution for another few years.
Conversely, an official end might come earlier than expected if Donald Trump sticks to his promise and fires the SEC’s Chairman, Gary Gensler. At least, that is what the American lawyers Jeremy Hogan and Fred Rispoli believe.
The former thinks the regulator’s new regime could dismiss all non-fraud crypto lawsuits filed over the years. He argued that the Ripple case may be officially settled for the previously ruled amount of $125 million.
Rispoli claimed that Trump’s election might lead to “extreme changes” at the SEC. He also assumed that the $125 million fine could end the lengthy legal tussle.
This article first appeared at CryptoPotato
