Is It Time for XRP to Shine?

Ripple's XRP witnessed a solid resurgence in the past week, with its price jumping by 14% and briefly crossing $0.60. However, it slightly retraced in the past 24 hours to the current $0.585.

Ripple's XRP token experienced a moderate surge in the past week, rising by 14% and briefly crossing the $0.60 mark. However, its gains were notably smaller compared to other leading cryptocurrencies, such as Bitcoin, Cardano, and Dogecoin, which enjoyed more substantial rallies.

Despite the limited XRP price increase, some analysts remain bullish on the token's future performance. One trader, known as LEB CRYPTO, predicted that XRP “can full send” after Ethereum and Solana “cool down.”

It's worth noting that Ethereum had lost some steam in the past 24 hours, with its price dropping below $3,200 at one point. However, it recovered quickly and was trading above $3,250 when this article was written. Solana, on the other hand, continued to pump and was trading around $220 after registering a 5% daily increase.

Another trader, Dark Defender, highlighted XRP's brief spike to $0.60, suggesting that the token was preparing to overcome the “Diablo” resistance zone of $0.6655. Meanwhile, CRYPTOWZRD stated that “we need more bullishness from XRP/BTC to expect a further bullish rally towards $0.65.”

“XRP/BTC needs to breakout above the 0.000007850 BTC resistance target area, a successful bullish breakout of that resistance will offer an upside rally which will help XRP to become bullish with it. XRP should see a quick rally towards $0.6500, and for now, $0.5500 will be the main daily support target. Both Bitcoin and XRP/BTC will be leading the next move.”

The analysis also noted that XRP's further bullish price action was dependent on Bitcoin continuing its rally and XRP/BTC maintaining its bullish structure.

However, the ongoing lawsuit between Ripple and the US SEC remained a potential obstacle to XRP's price performance. The legal battle began in December 2020 when the SEC accused Ripple and some of its executives of conducting an illegal securities offering by raising more than $1.3 billion through the sale of XRP tokens.

The case went through various developments over the years, with both parties filing motions and engaging in discovery. Earlier this year, a key development occurred when Judge Torres ruled that seven of the SEC's claims could proceed to summary judgment, while two were dismissed.

However, the SEC appealed the verdict, arguing that the judge erred in her decision and that XRP should be classified as a security. The move is likely to delay the final resolution for another few years.

On the other hand, an official end might come earlier than expected if Donald Trump wins the presidency and fulfills his promise to fire the SEC's Chairman, Gary Gensler. At least, that is what the American lawyers Jeremy Hogan and Fred Rispoli believe.

The former thinks the regulator's new regime could dismiss all non-fraud crypto lawsuits filed over the years. He argued that the Ripple case may be officially settled for the previously ruled amount of $125 million.

Rispoli claimed that Trump's election might lead to “extreme changes” at the SEC. He also assumed that the $125 million fine could end the lengthy legal

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