Wednesday, February 8, 2023
HomeCrypto NewsXRP's Price Rally Targets $0.45 Amid Optimism Towards Ripple Case

XRP’s Price Rally Targets $0.45 Amid Optimism Towards Ripple Case

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A rush of excitement regarding the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has caused XRP to attempt to regain the highly desired pre-FTX price zone at $0.45. Several individuals, including John Deaton, an attorney, and CEO of Ripple Garlinghouse, have lately stated that they are optimistic about the outcome.

Read article: Ripple vs. SEC: The Cryptocurrency Trial of the Century

An Optimistic Outlook on Ripple vs. SEC

XRP’s highest value during the rally was $0.41, 20% below the $0.50 peak the asset traded at just before FTX imploded, while most assets retested their respective pre-FTX prices. The peculiar circumstance of XRP is partially brought on by the asset’s continuous reliance on information from the SEC v. Ripple case.

But recently, the XRP side experienced a rekindled hope when Ripple CEO Brad Garlinghouse and attorney John Deaton reaffirmed their steadfast confidence in a favorable verdict. Investors are generally upbeat, even though the case won’t likely see any substantial updates until March.

Garlinghouse stated in a discussion at Davos 2023 last week that he is optimistic about a favorable decision and that it is unlikely that the lawsuit would result in a settlement. Garlinghouse’s remarks were shortly followed by Deaton’s explanation of why he thinks Ripple will win outright. He added that if XRP were a security, the lawsuit wouldn’t have taken more than two years to resolve.

According to the report from fxcryptonews, Brad Garlinghouse, the chief executive officer of Ripple, claimed in Davos that XRP now accounts for more than half of the transaction volume the company performs through its different payment rails, bolstering investor confidence.

XRP is Eyeing $0.45 as its Next Target

As the case becomes more favorable, XRP has its sights set on the price levels before the FTX scandal. But this lofty objective will be realized only if the asset can maintain stability above the recently attained $0.4150 region. The asset with the largest 24-hour gain among the top 25 is XRP, which has increased by 6.03%.

The latest surge started yesterday after XRP formed a negative candle for the second day in a row. With a current value of $0.4294, XRP has increased by more than 5% in less than an hour from the value it reached during the most recent market-wide spike. The asset has already overcome the first two significant resistance levels, at $0.4096 and $0.4123.

XRP is currently focusing on the third resistance level at $0.4335, which, if overcome, might act as a springboard for the price to return to the $0.45 range. However, if buyers run out, a sharp price decline could push XRP all the way to its first significant support level, around $0.3944.

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