XRP, the fifth-largest cryptocurrency finally broke out of the long-held price zone. It broke the key resistance of $0.77 and currently trading at $0.794 with an 8.56% rise. The altcoin is now set for a 20% upward swing if it manages to hold onto its gain.
The altcoin registered a new monthly high and finally looks ready to join the bullish momentum of the crypto market. The altcoin had a roller coaster year starting with a major price dump reaching a new 3-year low, in the aftermath of an SEC lawsuit against Ripple that accused XRP of being a security. However, the altcoin managed to redeem itself and rose to a new yearly high of $1.96 in April this year.
— CryptoBull (@CryptoBull2020) August 7, 2021
Like every other crypto-token, XRP also lost a significant portion of its gains falling below $0.55 on a couple of occasions. But, now looks set for bullish gains after breaking the key resistance.
SEC vs Ripple Lawsuits Latest Development Could Aid
A majority of cryptocurrencies recorded new all-time highs at the peak of this bull season, but an early setback in XRP price due to the ongoing lawsuit hindered its chances to do the same. However, as the lawsuit progressed, various developments in the case indicated Ripple might have an upper hand against the SEC.
Ripple has managed to get approval for the deposition of former SEC chief William Hinman. Ripple wants to prove XRP doesn’t qualify as Security based on Hinman’s early comment where he has claimed that Ethereum has managed to become decentralized enough to qualify as non-security despite conducting an ICO. SEC had objected to Ripple’s deposition claiming former SEC executive’s comments cannot be ground for determining the security status.
Ripple has also filed for dismissal of personal charges against founder Brad Garlinghouse based on the fact that the majority of XRP sale was done outside the US. SEC has accused Ripple’s executives of violating Section 5 of the Securities Act of 1933. However, the documents could dismiss SEC claims.
The outcome of the lawsuit can very much change the fate of the XRP price as the altcoin is yet to test its ATH above $3.2.