Here’s Why the Ripple XRP Price is Pumping and Will Take Out $1.00
The price of XRP has jumped by 20% in 24 hours, reaching $0.512129 as of writing. This represents a surge of 56% in a week, as positive developments in the legal battle between Ripple and the SEC indicate that the case could be settled sooner rather later.
What's most promising for investors is that the rise of the past day is mostly XRP making up for lost ground, with the market downturn of the past week meaning that the altcoin is still down by 48% in the past 12 months. It's also down by 85% since its current all-time high of $3.40, set back in January 2018.
However, what this difference means is that, should the Ripple-SEC case end anytime soon (and end favorably for Ripple), XRP could see itself close in on this previous high.
From a seven-day low of $0.324245 a week ago, XRP now stands at $0.512129, making for a 58% appreciation since last Friday's dip. On the other hand, it reached a four-month high of $0.552859 a few hours ago, meaning that it has climbed down by around 7% since this earlier peak.
XRP's indicators suggest some very strong momentum right now. Its relative strength index (in purple above) has passed 70, and despite a slight dip this morning, remains close to 75.
At the same time, XRP's 30-day moving average (red) has turned upwards and looks set to overtake its 200-day average (blue). Such an eventuality could signal a breakout rally, in which XRP potentially returns to levels seen last year, in the $1 to $1.30.
There's a fairly simple reason why the price of XRP is pumping right now, which is that the Ripple-SEC case has witnessed some developments in the past few days which suggest it could be coming to a positive close.
In particular, Ripple has sought a summary judgment from the presiding New York
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