With only a few hours remaining before the final outcome of Ripple’s (XRP) legal battle with the U.S. Securities and Exchange Commission (SEC), the crypto community is buzzing with excitement about how the XRP token will perform in the aftermath. However, the community weighs in on a massive skyrocketing price trend for XRP as Ripple is predicted to emerge victorious in the lawsuit following intense criticism and allegations made against the SEC chair.
XRP Price Holds Bullish Market Sentiments
In the last 24 hours, XRP’s market capitalization has surged by over $1.3 billion, according to CoinMarketCap data. This increase puts the token’s current total capitalization at approximately $24.88 billion, securing its position as the fourth largest crypto asset, excluding stablecoins. If the data holds true, XRP’s all-time high market capitalization stands at an impressive $127.9 billion.
A crucial element influencing XRP’s future potential is the ongoing lawsuit between the SEC and Ripple, which seeks to establish whether XRP should be classified as a security. The lawsuit, taking place in California, is scheduled for a class certification hearing today at 4:30 p.m. ET.
The hearing will focus on oral arguments regarding the certification issue for the group of XRP holders suing Ripple. Plaintiff Bradley Sostak, who held XRP for a mere two weeks, is requesting to become the lead plaintiff in the class action lawsuit.
Sostak contends that XRP is a security and is urging the court to establish a class composed of all XRP holders who either currently hold XRP or sold it at a loss.
XRP Price Hovers Near $0.5
XRP price has witnessed a steady increase in its trading volume, hinting that traders are initiating transactions due to the anticipation of Ripple’s victory. Bulls have easily managed to hold the XRP price above EMA-20 at $0.46, giving a boost to push the altcoin’s price near $0.48.
XRP’s current consolidation near EMA-100 indicates that buyers are waiting for the final outcome to send the altcoin to the moon, which will mark a new era for the XRP price. The RSI indicator has also formed a bullish divergence with the SMA line, which is boosting bulls’ confidence.
At the time of writing, XRP is trading at $0.47, registering a gain of over 3.12% in the past 24 hours. XRP reached an intraday high of $0.48 and is currently striving to reclaim that level. If Ripple comes out with positive news today, XRP’s price could break through the $0.5 barrier and advance toward its monthly resistance of $0.53. Furthermore, XRP might shatter that price level and continue its upward trajectory to reach new highs in the upcoming hours.
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Shayan Chowdhury
Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
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