Ripple Price Surges Dramatically Amid Positive Development from Ongoing Legal Battle

Ripple Price Surges Dramatically Amid Positive Development from Ongoing Legal Battle

While Bitcoin struggled to make any headway above the $60k resistance over the week, many altcoins have gained insane bullish momentum, propelling them to new highs. One such altcoin is Ripple (XRP), which posted an impressive climb above the $1 mark for the first time since 2018. The recent spike also helped the cryptocurrency reclaim the number four market cap spot.

Ripple’s recent rally got partly triggered by a recent positive development in its ongoing legal battle with the SEC. The blockchain-based company got granted the rights to access the SEC documents “expressing the financial regulator’s interpretation or views” about cryptocurrencies.

John Deaton, a well-known cryptocurrency lawyer on Twitter, revealed that Magistrate Judge Sarah Netburn granted Ripple’s motion, which asserted that the US Securities and Exchange Commission cryptocurrency-based memos are discoverable.

Judge Netburn also ruled that Ripple’s staff-to-staff emails are not necessary to the case and do not need to get released in court.

That said, Ripple has been on a bullish roll even before the court ruling and has jumped by about 100% since April 4. Naturally, the cryptocurrency’s market capitalization has seen a significant spike and has helped XRP recover the number four position.

Key XRP Levels to Watch — April 7
Ripple appears to be taking a breather from its recent massive rally and has fallen below the highly-coveted $1 mark. The fourth-largest cryptocurrency is now trading around the $0.9000 psychological support where some dip buying could likely occur over the coming hours.

XRPUSD – Hourly Chart

Our bullish reversal bias is backed by the emergence of a double-bottom pattern, which will get confirmed with a sharp rebound. This rebound could send XRP back above the $1.1 area over the coming hours and days.

Meanwhile, our resistance levels are at $0.9500, $1.0000, and $1.0500, and our support levels are at $0.9000, $0.8500, and $0.8000.

Total Market Capitalization: $1.93 trillion

Ripple Market Capitalization: $43 billion

Ripple Dominance: 2.22%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.