Multiple analysts are bullish on XRP’s chance of a rally regardless of the asset’s problems with the United States Securities and Exchange Commission (SEC). These optimistic forecasts come as the top coins in the crypto sector are seeing impressive gains following the considerable spike in the price of Bitcoin.
According to crypto analyst Dark Defender in an X post, several indicators – including the Moving Average Convergence/Divergence (MACD), Relative Strength Index (RSI) Indicators, and the Ichimoku chart for XRP – show that the world’s sixth-largest cryptocurrency by market cap will maintain an uptrend this month.
XRP is already known for several partnerships that support blockchain payment solutions for fast payout speeds on traditional and blockchain platforms alike, as well as cost-effective payments. This fast payout speed translates to efficiency across platforms like online casinos when players want to receive their winnings quickly. It functions for crypto wallets as well as traditional bank accounts that use XRP as a bridge currency for transfers, meaning users no longer have to wait days for transactions to be completed. Generally, an increase in XRP’s price would likely support more adoption and draw more attention to the asset, as well as all of Ripple’s blockchain solutions powered by XRP.
According to current CoinMarketCap data, XRP is trading at $0.65 after rising nearly 17% over the last 7 days. Dark Defender believes that XRP will rise to the $0.9191 – $1 range before the end of March. A rise in XRP’s price to $1 would mean that the asset climbed more than 53% from its current level within a month.
Days before Dark Defender’s post, popular analyst Egrag Crypto announced a bullish forecast for XRP. According to Ergag, XRP has been closing above its 21 Exponential Moving Average (EMA) since September 2022. The analyst then adds that this indicates the potential for a “more aggressive and strong upward move.”
Unfortunately, Ripple and XRP are still struggling in court with the SEC. The case began in December 2020 when the Commission sued Ripple, co-founder Chris Larsen, and CEO Brad Garlinghouse, accusing the three defendants of conducting an unregistered securities sale of XRP worth $1.3 billion. According to the SEC, the XRP token qualifies as a security and should be subject to strict requirements by law. However, Ripple disputed the claim, stating that XRP does not meet the criteria for classification as a security. In addition, Ripple said the SEC decided on a lawsuit without any notice about XRP’s classification.
After several developments since the initial suit, United States District Court Judge Analisa Torres awarded Ripple a partial victory. In a July 2023 ruling, Judge Torres noted that XRP is not a security when sold in retail trades on crypto exchanges. However, the ruling specified that the institutional sale of the same token violated securities laws.
Recently, major crypto exchange Binance froze $4.2 million worth of XRP tokens from a wallet belonging to Chris Larsen. The funds are part of a broader attack on Larsen’s personal accounts, to the tune of $112.5 million, about 213 million XRP tokens. The hackers laundered the stolen funds via multiple exchanges, including Binance, OKX, HTX, Kraken, and MEXC.
Despite these problems, XRP has benefited from the ongoing rally in Bitcoin and crypto, receiving a heavy $2.5 million in inflows last week. Also, XRP added $2.5 billion to its market cap within 24 hours last month, with the valuation hitting $31.17 billion on February 15. Current data shows that XRP’s valuation has climbed to $35.5 billion, a nearly 14% increase since then.
