XRP Surges Towards $2 as Ripple Wins Legal Victories

XRP, the native cryptocurrency of Ripple, a cross-border payment platform, has been on a bullish streak, as it eyes the $2 mark amid positive developments in its legal battles with the US Securities and Exchange Commission (SEC). XRP has gained over 150% in the past month, reaching a three-year high of $1.65 on April 14. The rally has been fueled by the growing confidence and optimism of the XRP community, as Ripple scores several wins in the court case.

Ripple vs SEC: A Brief Overview

The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they had raised over $1.3 billion through an unregistered and ongoing securities offering of XRP. The SEC claimed that XRP was a security, not a currency, and that Ripple had violated the federal securities laws by selling and distributing XRP without registering or seeking an exemption.

Ripple, on the other hand, argued that XRP was a digital asset, not a security, and that it had been recognized as such by several regulators and agencies around the world. Ripple also claimed that the SEC had failed to provide fair notice and clarity on the status of XRP, and that the lawsuit was an attack on the entire crypto industry.

The lawsuit has been closely watched by the crypto community, as it could have significant implications for the future of XRP and other cryptocurrencies. The lawsuit has also affected the price and liquidity of XRP, as several exchanges and platforms suspended or delisted XRP trading following the SEC’s action.

Ripple vs SEC: The Recent Developments

However, in the past few weeks, Ripple has been gaining the upper hand in the court case, as it has won several favorable rulings and motions from the judge. Some of the recent developments are:

• On March 6, the judge granted Ripple’s motion to compel the SEC to produce documents related to Bitcoin and Ethereum, which the SEC had previously declared as not securities. Ripple argued that these documents were relevant to show the inconsistency and arbitrariness of the SEC’s treatment of XRP.
• On April 6, the judge denied the SEC’s motion to access the personal financial records of Ripple’s executives, stating that they were not relevant to the case and that they violated the privacy rights of the defendants.
• On April 12, the judge granted Ripple’s motion to dismiss the SEC’s claim that Ripple had violated Section 5 of the Securities Act by selling XRP to the public in 2013. The judge ruled that the statute of limitations had expired, as the SEC had failed to file the lawsuit within six years of the alleged violation.
• On April 13, the judge granted XRP holders the right to file a motion to intervene in the case, as they claimed that their interests were not adequately represented by either party. The judge stated that the intervention could provide a more complete picture of the issues and the impact of the case.

These developments have boosted the morale and sentiment of the XRP community, as they indicate that Ripple has a strong case and that the SEC has a weak and flawed argument. The developments have also reflected positively on the XRP price, as it has soared to new highs and outperformed other major cryptocurrencies.

XRP Price: The Bullish Outlook

XRP price has been on a tear, as it has broken above several resistance levels and entered a parabolic phase. XRP has increased by over 650% since the start of the year, and by over 150% since the start of April. XRP has also reclaimed its position as the fourth-largest cryptocurrency by market capitalization, surpassing Tether, Cardano, and Polkadot.

XRP price is currently trading at $1.58, after reaching a three-year high of $1.65 on April 14. XRP price is in a clear uptrend, as it is supported by a strong volume and a positive momentum. XRP price is also above its 50-day and 200-day moving averages, which indicate a bullish trend.

XRP price is facing a minor resistance at $1.60, which is the 161.8% Fibonacci extension level of the decline from the 2018 peak to the 2020 low. If XRP price can break above this level, it could target the next resistance at $1.96, which is the 200% Fibonacci extension level. This level is also close to the psychological barrier of $2, which could be the next major milestone for XRP.

XRP price could face some correction or consolidation along the way, as it is in an overbought territory, according to the Relative Strength Index (RSI) and the Stochastic Oscillator (SO). XRP price could find support at $1.40, which is the 127.2% Fibonacci extension level, and at $1.20, which is the previous resistance turned support. XRP price could also find support at its 50-day and 200-day moving averages, which are currently at $0.86 and $0.54, respectively.

XRP price has shown a remarkable recovery, as it rides the waves of the positive developments in the Ripple vs SEC case. XRP price has a bullish outlook, as it eyes the $2 mark as the next target. XRP price could also benefit from the increasing adoption and innovation of the Ripple network, which aims to provide fast, cheap, and secure cross-border payments.