Ripple CEO Brad Garlinghouse recently hinted at a possible resolution in the coming weeks, which may potentially eliminate regulatory uncertainty.
Since December 2020, Ripple has been in court with the Securities and Exchange Commission (SEC) regarding the issuing of XRP as unregistered securities. However, there have been some encouraging events in recent weeks that suggest Ripple may prevail in the lawsuit.
A Ripple attorney hoping for a Ripple victory projected that XRP might hit $2 soon after the Ripple judgement is handed down. Tradecurve, a groundbreaking on-chain trading platform, on the other hand, is shaking up the crypto ecosystem with its token presale. Analysts anticipate a 100x increase in the value of Tradecurve's native token upon its introduction.
In between all the haze, In a recent tweet on May 29th, John Deaton, a US attorney representing XRP investors in the SEC action, voiced his conviction that it is irrational for individuals to pass up the opportunity to purchase XRP at its current price of $0.48 per coin.
According to Deaton's tweet, he expects that many people will buy digital currency when the price reaches $1, and many more would buy when the price reaches $2 or more due to FOMO. Given its recent performance, XRP is quite likely to revisit the resistance level around $2.
Since the news, XRP sentiment has shifted bullish, climbing by 4.4% in the last 24 hours and up to 8.9% in the last seven days. At the time of writing, XRP was trading at $0.501777, requiring a 195% gain to reach Deaton's projection of $2 per coin.
The XRP network has recently seen significant increases in address activity as well as minor decoupling from the rest of the altcoins.
Indeed, the XRP network has had its second and third-largest address activity increases in history during the last several days, signalling that a strong bullish rally in the XRP token price is possible.
Specifically, on May 27, approximately 490,000 addresses interacted on the network, marking the chain's second-largest address activity day in history, followed by another day-large spike on May 28, just two and a half months after its largest-ever address activity spike preceded a +45% price surge.
At the press time, XRP (XRP) price is trading at $0.515771, with a 24-hour trading volume of $1,061,753,419. This is a 1.87% increase in the previous 24 hours and an 11.24% increase in the last 7 days. XRP has a market worth of $26,802,171,464 and a circulation supply of 52 billion XRP.
After being rejected from the 200-day moving average of approximately $0.4, XRP has shown a persistent rising trend. Furthermore, it has surpassed the 50-day moving average of roughly $0.45 and appears to be aiming for the $0.6 resistance zone in the immediate term.
A successful breach of the $0.6 level would almost certainly signal the start of a bullish trend, with the price potentially rising to $0.9 in the medium term. However, the RSI has recently suggested an overbought state, implying that a pullback or period of consolidation is possible in the following days.
Ripple is now involved in a high-profile legal battle with the Securities and Exchange Commission (SEC) over the categorization of XRP as a security. This has thrown the XRP token's future into doubt. If Ripple wins the case, XRP will skyrocket, but if Ripple loses, XRP will plummet to an all-time low.