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XRP is currently at $0.3899, which is the result of recent positive external developments. According to CoinGeckoRipple’s native token is up 12% over the weekly and bi-weekly time frame.

Positive news brewed in the United States Securities and Exchanges Commission (SEC) against the Ripple lawsuit it started in December 2020. Last month, Ripple scored a small victory as the SEC was ordered by a judge to hand over the Hinman documents which detail the former SEC director’s speech saying that Ethereum was not not a security.

With Ripple CEO Brad Garlinghouse cautiously bullish on the current crypto climate, can XRP bulls reach their $1 target?

Send ripples to the market

XRP has retained its place in the hearts of many investors. Binances Data shows that the token remains the top 5 most traded on the platform just behind BNB and just above BUSD.

ETHImage: Binance

Whales also join in the fun. According to the whale tracker WhalesStats, the token also became the top 100 most traded. This uptick in whale and market activity is certainly a sign that XRP is recovering from its previous market lows.

The trial coming to an end finishXRP has the luxury of aiming for higher prices going forward.

Target of $1: accessible or crazy?

At the time of writing, the token was stuck in its current support at $0.3845, which shows a struggle between the bears and the bulls. With the bears retesting support, XRP may suffer in the short term as the bulls do their best to reach the $1 mark.

The price of the token would also be determined if the company won the lawsuit. If Ripple wins, XRP would react positively and do the opposite if it loses the lawsuit. But with Ripple having a good chance of winning, the positive market sentiment would drive the price of the token higher.

XRP total market cap at $19.7 billion on the daily chart | Chart: TradingView.com

However, the current support range has been constantly tested by the bears since January 15th. Even with its strong correlation to Bitcoin – which recently breached a crucial resistance level – it may not perform as well as other altcoins in the market.

Compared with to the top earners among the top 100 cryptocurrencies, XRP earnings are significantly lower in the same time frame. Investors and traders should keep an eye on the lawsuit as it would have a significant effect on the price of XRP.

In the short term, XRP presents a good short-term opportunity as the price could break the current support at any time.

Featured Image by The Market Periodical





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