This past week has seen a flurry of activity in the world of Ripple, and the company is finally starting to see some traction with its various products and services. First and foremost amongst these is the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), which appeared to take a turn in Ripple’s favor this week.
On Tuesday, it was revealed that the SEC had amended its complaint against Ripple, removing language that suggested that XRP is a security. This is a significant development, as the SEC’s case is weakening, and Ripple is close to winning the lawsuit.
If Ripple does win the case, it is expected that the price of XRP will increase dramatically. Many investors and traders remain hopeful that their previous investment in the coin wouldn’t be in vain and that it will eventually reach its all-time high of $3.84.
In addition, Ripple also released its quarterly report this week, which showed some positive developments. One of the most notable is that the company’s payment platform, xRapid, is now being used by three major financial institutions.
This is a significant increase from last quarter when only one institution was using xRapid. The expansion of xRapid usage is a positive sign for Ripple, as it suggests that more and more financial institutions are starting to see the platform’s benefits.
With all of this in mind, the price of XRP will likely continue to increase soon. Many analysts believe it could reach $1 by the end of the year, which would be a considerable increase from its current price of $0.4611.
In any case, Ripple is making significant progress, both in terms of its legal battle with the SEC and adapting its products and services. This will likely continue to boost the price of XRP in the months ahead.
XRP/USD technical outlook?
The XRP/USD pair is currently trading at around $0.47 and looks set to continue its upward momentum, with the 50 MA crossing over the 200 MA. This indicates that the bulls are in control and that a further rally is likely.
RSI is currently at 62 and looks set to move higher, indicating that the bulls are in control. Support is currently at $0.40; a break below this level could see the pair return to $0.35.
On the 4-hour chart, the MACD is currently in bullish territory and looks to continue moving higher. This indicates that the bulls are in control in the short term. Overall, the short-term technical outlook for XRP/USD is bullish.
The bull’s next target would be the $1 level, a major resistance. If the bulls can break above this level, a rally to the $2 level is possible. However, if the bears take control and push the price below the $0.40 level, a sell-off to the $0.30 level is possible.
Conclusion
Overall, Ripple is finally starting to see some positive developments. The company is close to winning its SEC case, and new quarterly figures could take XRP up to $1. With all of this in mind, the price of XRP will likely continue to increase soon.
