After the Consumer Price Index data indicated that inflation had dropped to 6.5% from 7.1%, the cryptocurrency markets almost immediately went bullish. XRP has been exhibiting persistent bullish movement as of late, which has sparked excitement among both enthusiasts and investors.
At the time of this writing, one token is worth $0.4, reflecting an increase of 1.6% over the course of the last 24 hours and 12% over the course of the past seven days.
XRP Aiming for the $1 Mark?
Because of the previously indicated constancy in XRP’s positive momentum, we are compelled to evaluate the probability that the coin may make an attempt to reach the $1 threshold.
Ripple, the company that issued XRP, is now in a high-profile legal battle with the United States Securities and Exchange Commission (SEC), and investors are hopeful that a verdict in favor of Ripple would have an immediate, massive bullish effect on the price of XRP.
In addition, whales are demonstrating a phenomenal interest in the token at the present time, as seen by the fact that they are continually purchasing hundreds of millions of it. The majority of TradingView’s technical analysis (TA) indicators on 1-day gauges point to a bullish outcome from a purely technical vantage point.
On the current market, XRP has a total market capitalization of $19.8 billion, which is an increase of approximately $2.7 billion over its market cap on January 1, which was $17.1 billion at the beginning of the year. And talking about market cap, the token is now the sixth biggest cryptocurrency.
Will Ripple Win Against SEC in Lawsuit?
If John E. Deaton, a defense attorney and prominent commenter on the issue, is correct in his prediction that the SEC will lose the case, then Ripple and XRP may have a good chance of winning.
The lawyer said that the SEC’s argument, which asserts that the XRP token has always been a security, is proof that applying the Howey test to Ripple Labs and XRP is tricky and complex.
According to Deaton’s research, all of this demonstrates that the SEC is wrong in its determination that XRP satisfies the second and third prongs of Howey, and hence that the SEC has very little chance of victory in this case. We don’t know whether Ripple will be able to pull off a victory over the SEC, but only time will tell.