If you look at the crypto market right now, XRP will shine brighter than others. In the last hour, all its candles are green. So the question is: Why is XRP up? What is driving today’s pump?
An hour ago, Ripple’s CEO announced that the SEC has dropped the lawsuit against it, this is a big win for the crypto space. But what comes next?
SEC and Ripple have been going back and forth for years. SEC first sued Ripple back in 2020 when it accused the company of selling XRP as an unregistered security. But now, the 4-year-long legal battle is over and this crypto space is excited about this.
Meanwhile, XRP has reacted to the news. It has surged over 13% from an intraday low of $2.25 to now trading for $2.56.
If we look at the daily chart on Tradingview, we’ll see that the price is testing a resistance level at $2.60. The market is trying to regret this level, but if the news about SEC dropping the lawsuit is strong enough, XRP could break through this resistance level and we can see a push to the upside to target the recent all time high or even higher. Even analysts like EGRAG crypto and Ali Martinez have previously that it could reach $10 or $15.
Also, the RSI is currently sitting at 49, which means the bulls are still in control, and there’s still room for the price to go up.
But now that the lawsuit is finally over, it no doubt that Ripple would have plans to move forward after the 4-year battle.
The company could start looking into its long-awaited IPO (Initial Public Offering) soon. The company is valued at $11.3 billion, which gives more reason to think that Ripple will take the next step in becoming even bigger.
Besides that, Ripple could continue its plans with Central Bank Digital Currencies (CBDCs) for faster expansion. Ripple has already started pilot projects in countries like Colombia and Palau, and now, with the lawsuit out of the way, Ripple can speed up its plans to push CBDCs worldwide.
On top of that, Ripple’s stablecoin, RLUSD, is getting more traction, which could make it a strong player in the market. In addition, this could open the door for XRP-backed Exchange-Traded Funds (ETF).
In short, with the Lawsuit now wrapped up, Ripple will have plenty of opportunities ahead. XRP’s price could potentially continue to rise, and Ripple’s business will likely expand in the coming years.
Also Read: Can XRP Price hit $5 today? The 4 years fight with SEC ends
