Today’s Ripple price analysis is rather cloudy, and analysts are expecting the market to reverse course near the $0.90 level.
The XRP/USD currency pair has been dragging down after recent highs.
Ripple’s market value is increasing over the last several days, with the price of Ripple climbing to roughly $0.88 before sliding down to Friday’s $0.83 level.
XRP has risen 5.62% over Bitcoin in today’s XRP/BTC trading pair. According to crypto analysts, this could be the beginning of an upward trend that will last for the long-term.
The XRP/ETH trade pair has risen 6.83% in the interim. Ripple, which has been the 6th-largest cryptocurrency in the world, is back on top after a surge of value.
XRP Reviewed To Gain Solid Grounds
In market capital, XRP now surpasses Solana and Cardano. Market observers predict that XRP will soon reach $1 in the coming weeks.
Ripple prices are on an upward trend as traders search for bargains.
Recent growth in market capitalization should be continued over the coming days.
Source: TradingView.com| Source: TradingView.com
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What Causes the Optimism in Lawsuit Victory?
According to U.S. Securities and Exchange Commission (USSEC), XRP is being marketed by Ripple in order to make it look like an unregistered investments.
They believe that Ripple’s platform is not decentralized based on its involvement in financing the company.
XRP has rallied over 30% since a New York Federal Court Judge ordered it to open documents.
It is becoming more likely that the documents sealed by the company would reveal the fact that the outside legal firm advised the company that XRP was not securities.
Ripple was sued by the SEC in 2020. The SEC claimed that XRP wasn’t a currency. It is a security and subject to stringent securities law.
According to Reuters, U.S. District Judge Analisa Torres of Manhattan has ordered that the documents be unsealed on February 17.
Once made public, these papers will demonstrate that Ripple received legal advice in 2012 concluding that XRP was not an investment contract, Stuart Alderoty, Ripple General Counsel, disclosed.
Alderoty notes that despite XRP trading on a global marketplace, it took the SEC eight long years for them to say that they did not agree with this analysis.
Despite the inconclusive results of the SEC vs. Ripple contest, these events are still a boon for XRP hodlers.
Therefore, the recent news is being interpreted as a fundamentally bullish event — and speculators are returning to XRP in droves.
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Featured Image from Global Crypto News. Chart from TradingView.com