Watching the cryptocurrency market, it’s hard not to notice that the price of XRP is starting to rise, as are expectations about the target it may reach. Undoubtedly, it is influenced by the upcoming Ripple verdict, which could come “in the coming weeks.” The project’s foundations have also been significantly strengthened.
A verdict in the Ripple case may be just around the corner
Speculation about the resolution of the high-profile Ripple – SEC dispute is creating a whirlwind of excitement, and expectations are shaking. Twitter is once again providing an arena for new theories regarding a quick conclusion to this legal battle. Ashley Prosper, a member of the XRP community, lists a number of developments that he believes point to an accelerated settlement. He cites Ripple CEO Brad Garlinghouse’s prediction that the case will be resolved “within weeks, not months.” Garlinghouse also likened a recent comment by “digitalassetbuy,” another member of the XRP community, to the end of the lawsuit. Ashley Prosper also mentions the disclosure of documents belonging to former SEC employee William Hinman, due June 13. In addition, Ripple is making significant progress, as evidenced by the acquisition of custody provider Metaco. The related congratulations from Nasdaq were also noted. Ripple’s introduction of its proprietary CBDC platform goes hand in hand with a partnership with Al Ansari Exchange, the largest personal remittance service from the United Arab Emirates, so on-demand liquidity (ODL) is assured.
XRP leads the market
The XRP price is feeling the positive impact of these developments. Thus, it does not look as if “the company is about to lose a lawsuit and disappear,” according to Ashley Prosper. He also expresses confidence in a quick conclusion to the trial, jokingly adding: “All we need now is Jim Cramer to come out and say that the Ripple case absolutely will not end in June.” Jim Cramer, host of CNBC’s Mad Money program, is often criticized for giving off-the-record financial advice, which the market later verifies as the complete opposite of reality.
Meanwhile, while hopes for a quick settlement are growing, Ripple maintains in its latest quarterly report that a decision will be made in 2023. The final date, however, will depend on the court.
XRP is heading toward this year’s maxima
The above set of facts is causing the price of XRP to rise sharply. In seven days it jumped from $0.45 to $0.53. It is currently in a gentle corrective movement. In doing so, the first bearish divergences are appearing, but they seem easy to possibly negate. The coin’s next move could be an attack above $0.58, where this year’s maximums are located.