Prices of cryptocurrencies sent mixed signals today, with Bitcoin trading above the $38,000 barrier. According to CoinGecko’s pricing, the global crypto market’s value has risen to $1.81 trillion in the last 24 hours.
The price of XRP appears to be getting back on track. Although the bulls appear to be outnumbered by bears as a result of SEC delays and worldwide inflation.
After plummeting 28 percent in April, Ripple (XRP) entered May with a solid price comeback, its best monthly performance since June 2021. In addition, the XRP/USD pair appears to be on track to continue its upward trajectory in the coming weeks.
In the first two days of May, the price of XRP increased by approximately 6.25 percent, reaching a high of $0.63. The buying pressure soared around $0.58, a level that served as strong support in January 2022, allowing XRP to gain by more than 50%.
The $1 XRP price level will be back on the table if the bulls can break through the consolidation barrier, resulting in a 65 percent increase over the current Ripple price.
XRP Vs SEC: An opportunity?
Traders wanting to profit from the ongoing SEC vs. Ripple case have turned to XRP as a speculative vehicle.
The Securities and Exchange Commission (SEC) of the United States filed a lawsuit against Ripple in December 2020 for conducting illegal securities sales using XRP. Nonetheless, recent hearings show that Ripple’s case is progressing reasonably well.
Because XRP is the only experienced token in the top ten that hasn’t beaten its 2017–2018 bull market highs, the SEC vs. Ripple case has reduced the buying sentiment. Analysts, on the other hand, feel that Ripple’s victory would significantly boost XRP’s upside potential.