XRP, the sixth-largest cryptocurrency by market cap is currently trading at $1.13 down by 2% over the past 24-hours. The price of the altcoin retraced from the new three-month high of $1.35 and currently looking to break past the immediate resistance at $1.19. The altcoin looks set to test its new three-year high of $1.96 if it manages to break past the key weekly resistance of $1.49.
XRP converted its previous resistance around $1 as strong support which is currently holding strong. The key conversion of resistance into support can propel the altcoin to new highs.
XRP had quite a rollercoaster ride throughout this year, first, it fell to a new 3-year low of $0.1748 then rose to a new 3-year high of $1.96 in May before falling to sub $0.50 levels.
XRP would first target the yearly high of $1.96 before eyeing the ATH of $3.86 that came four years ago at the start of 2018. The altcoin is the only among the top-10 to not set a new ATH this bull season primarily due to the SEC lawsuit that created panic among holders and led to mass dumping post exchange delisting in January this year.
Can Developments in the Ripple Lawsuit and Partnerships Help XRP to ATH?
The SEC vs Ripple lawsuit holds the key to the XRP price momentum, the latest development in the lawsuit saw SEC file an emergency motion to obtain slack data of Ripple executive’s internal conversation that defendants have failed to produce. SEC claims these documents could change the case in their favor while Ripple continues the delay claiming it’s unnecessary and quite burdensome to produce millions of slack conversations.
SEC also revealed that former head William Hinman had allegedly told Ripple that XRP might be a security and thus must register with the SEC before offering it. Hinman’s deposition was seen as the key to the case but when Ripple filed the motion to seal parts of the conversation, speculations went high about a possible settlement.
Despite the hurdles faced by Ripple in the US it has continued its expansion in the Asia-Pacific region and sees it as a key to its business. Ripple’s On-Demand Liquidity services are in high demand which has helped it forge several new partnerships over the past 6-months despite the uncertainty around the lawsuit.
XRP price could see a potential impact on the outcome of the lawsuit, but Ripple has maintained its main business perspective lies outside the US.
Original Source :coingape.com
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