Today’s Ripple price analysis is quite cloudy, with analysts expecting the market to turn around near the $0.90 level.
After being dragged down from recent highs, the XRP/USD pair may be on the verge of a new low.
Ripple’s market value is rising in recent days, with Ripple price rising to around $0.88 before falling to the $0.83 level on Friday.
Compared to Bitcoin, XRP was up 5.62% in the XRP/BTC trading pair for the day. Crypto analysts project that this is just the beginning of a long-term positive trend that they expect to continue in the coming days.
Meanwhile, the XRP/ETH trading pair is up 6.83%. After a recent surge in value, Ripple has regained its place as the sixth largest cryptocurrency in the world.
XRP is seen to regain solid ground
XRP is now overtaking Cardano and Solana in market cap. The price of XRP is expected to return to the $1 mark in the coming weeks, market watchers said.
Ripple price is seeing an upward trajectory as traders look for bargains in the current trend.
The market capitalization has grown recently and should continue to do so for the next few days.
The total market capitalization of XRP is $38.87 billion on the daily chart | Source: TradingView.com
Related Reading | Ripple Had Its Strongest Year Despite The Sec’s “Crypto Attack”
Does optimism about lawsuit victory cause an increase?
XRP is (allegedly) being traded as an unregistered investment by Ripple, according to the US Securities and Exchange Commission.
They believe that Ripple’s platform is not decentralized based on their share in funding the company.
XRP is up more than 30% in the last week following an order from a federal court judge in New York to unseal documents.
There is a growing expectation that the sealed documents would show that the crypto firm received legal advice from a third-party law firm that XRP was not a security.
In 2020, the SEC sued Ripple, claiming that XRP is not a currency but a security, subject to strict securities laws.
According to Reuters, US District Judge Analisa Torres of Manhattan ordered the documents to be unsealed on February 17.
Once made public, these documents will show that Ripple received legal advice in 2012 and concluded that XRP was not an investment contract, revealed Stuart Alderoty, general counsel of Ripple.
Despite XRP trading in a global market, it has taken eight years for the SEC to suggest that it did not agree with that analysis, Alderoty notes.
Despite the lack of concrete results in the SEC vs. Ripple, these events have been a boom for XRP hodlers.
Therefore, the recent news is interpreted as a fundamentally bullish event, with speculators returning to XRP in droves.
Related Reading | XRP builds momentum with 7% surge as Ripple launches new ODL partnership
Featured image from Global Crypto News, chart from TradingView.com
This post Ripple turns bullish, positive trends point to a strong year for XRP
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