With only hours to go until the final outcome of Ripple’s (XRP) legal battle with the US Securities and Exchange Commission (SEC), the crypto community is buzzing with excitement over how the XRP token will perform in the aftermath. However, the community is weighing in on a massive skyrocketing price trend for XRP as Ripple is expected to emerge victorious after intense criticism and allegations against the SEC Chairman.
XRP Price Holds Bullish Market Sentiment
In the past 24 hours, XRP’s market cap has increased by more than $1.3 billion, according to data from CoinMarketCap. This increase brings the token’s current total capitalization to approximately $24.88 billion, securing its position as the fourth-largest crypto asset, excluding stablecoins. If the data is accurate, XRP’s all-time high market cap stands at an impressive $127.9 billion.
A critical element affecting XRP’s future potential is the ongoing litigation between the SEC and Ripple, which seeks to determine whether XRP should be classified as a security. The lawsuit, which takes place in California, is scheduled for a class certification hearing today at 4:30 p.m. ET.
The hearing will focus on oral arguments related to the certification issue for the group of XRP holders suing Ripple. Plaintiff Bradley Sostak, who only held XRP for two weeks, is asking to become the lead plaintiff in the class action lawsuit.
Sostak claims that XRP is a security and is urging the court to create a class consisting of all XRP holders who currently own XRP or have sold it at a loss.
XRP price is hovering near $0.5
The XRP price has witnessed a steady increase in trading volume, suggesting that traders are initiating trades due to the anticipation of Ripple’s victory. Bulls has easily managed to hold the XRP price above EMA-20 at $0.46, providing a boost to push the altcoin price near $0.48.
The current consolidation of XRP near EMA-100 indicates that buyers are waiting for the final result to send the altcoin to the moon, which will usher in a new era for the XRP price. The RSI indicator has also formed a bullish divergence with the SMA line, boosting the confidence of the bulls.
At the time of writing, XRP is trading at $0.47, up more than 3.12% in the past 24 hours. XRP reached an intraday high of $0.48 and is currently aiming to regain that level. If Ripple comes out with positive news today, the price of XRP could break the USD 0.5 barrier and move towards the USD 0.53 monthly resistance. In addition, XRP could smash that price level and continue its upward trajectory to reach new highs in the coming hours.
