The XRP token has gone up by 1% in the course of the past 24 hours, to hit $0.412239. The wider crypto market has gained almost 2% over the same period of time. It has seen a swell of 8% over the course of the week and 12% in the last 30 days, as the altcoin appears to be recovering from its lengthy slide that began in late October.
XRP holders awaiting the outcome of the Ripple-SEC case, which is expected to resolve in the coming months, might be seeing the start of a period of sustained growth due to the coin’s performance over the past week.
XRP Price Prediction as It Breaks Out of Long-Term Trading Pattern: Could We See $1?
The XRP chart shows that the Relative Strength Index (purple) has risen to near 70 in the past few days, reversing the downward trend the coin had been experiencing since the beginning of the year. At the same time, its 30-day moving average (purple) is about to break above its 200-day moving average (blue), creating a “golden cross” – a sign of a major breakout.
XRP has been showing signs that it has well and truly broken out of the slump it had been in towards the end of the year. Besides the fact that most of the market is doing something similar right now, there is one main reason. The SEC case against Ripple appears to be drawing to a close.
For instance, the CEO Brad Garlinghouse informed CNBC last week that he expected the case to be settled by the end of the first half of 2023 or the end of the year at the latest.
“I feel very confident about where we stand in the law and the facts,” he also said, expressing his certainty about Ripple’s prospects for a positive resolution. And regarding the outcome, American attorney James K. Filan tweeted on January 20 that “all is in the know” in regards to this case and that “now we wait.”
Basically, every piece of evidence and major motion has been filed in this case. Judge Torres is likely to come to a summary judgement soon. This has generated a lot of positive energy around XRP, which explains its recent ability to outperform its late-2022 performance.