XRP Price Rally as SEC Dismisses Lawsuit Against Ripple Executives!

Although the market continues to gain momentum as the Bitcoin price steadily stabilizes, altcoins continue to struggle close to their trend levels as the bulls fail to hold power. XRP price, on the other hand, has made a significant move for the first time in almost two weeks as the coin has gained over 8% in value within the past day, resulting in the price regaining the $0.5 mark. 

The XRP price pump is mainly assumed to be aimed at a fresh discloser, which surfaced yesterday stating that the XRP executives have secured another victory over the SEC in the ongoing series of cases with them.

Further, it was confirmed that the SEC had dropped claims against two of the Ripple Labs executives, resulting in the XRP price recording another jump in value and summing up to over 10% gains within hours, after which the price experienced a minor correction of almost 2%.

Another possible reason is the smart money tires holding 10K to 10M XRP tokens that have accumulated rapidly. Further, as per the latest reports by Santiment, the whales and sharks total 29.5% of the supply of Ripple’s XRP.

Wallets with whale holdings have recorded their highest holdings since 27th July this year following the Ripple vs. SEC court case decision that was ruled in favor of the XRP token.

Will XRP Price Go Up?

Considering the present market sentiment, the XRP price is predicted to experience a significant price action in the coming time. Further, the price sentiment displays a strong positive trend, indicating the possibility of the XRP price to record a massive uptrend in the coming days.

If the bulls continue to gain power and hold their price above the resistance level of $0.5130, the price will gain momentum and continue to rise and test its resistance level of $0.5233 soon. Further, if the market holds the price at that level, the price will make a run and test its upper resistance of $0.5337 in the coming days.

On the contrary, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum, resulting in the price testing its support level of $0.5021. Moreover, if the bears continue to dominate the market, the price will continue losing value and test its lower support level of $0.4913 in the coming week.