Ripple Price Surges Dramatically Amid Positive Development from Ongoing Legal Battle

7 April 2021 | Updated: 7 April 2021

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.