While the lawsuit against the Ripple association continues, the XRP token continues to increase in price, despite the negativism that may exist due to the case in which its creators are involved.
At the time of this writing XRP is trading at $ 1.63, accumulating a 4.66% gain in the last 24 hours and 16.38% in the last 7 days.
Recall that a few months ago, the co-founders of Ripple, Brad Garlinghouse and Chris Larsen, were sued by the SEC for the issuance and sale of unregistered securities, which caused a red tide in the market for the token created by the association.
But how is the price of XRP doing? Where is it headed? Discover the answers to these questions below.
Ripple’s price wants to go higher, even with the lawsuit it faces against the SEC
When we look at the weekly XRP price chart, we notice a clear medium-term uptrend.
This trend recently managed to cross one of the most relevant resistances recently. It is at $ 0.6194, and breaking it opened the way for a big bullish rally, capable of reaching a next resistance, located at $ 1.9707.
Now, following a sharp correction, Ripple’s price is developing medium-term trend momentum, even with the negative friction that the SEC demand may cause.
When charting a Fibonacci, we get as targets: $ 2.39 first and $ 2.94. If they are reached, which is the most probable for the moment, the supply zone left by the all-time high will begin to challenge.
Long-term trend can carry XRP much higher
What I said in the previous paragraph is something that may happen in the very near future. But if we use a larger lens and go to the monthly chart, we realize that we are facing the resumption of the long-term trend. A trend that can easily take the price to new all-time highs.
Of course, it is difficult to think that the price of Ripple will manage to go higher, when the association behind this cryptocurrency is in trouble due to demand.
However, the behavior seen on the chart is clear, the odds are on the buyers’ side.
It is time to continue monitoring the facts, and see how the case develops. Investors are hopeful for now, and with the general enthusiasm in the market, seeing higher gains from XRP should come as no surprise to anyone.
Ripple’s price is about to hit new all-time highs, even with demand pressure from the SEC. Source: TradingView.
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