Despite the ongoing US Securities and Exchange Commission (SEC) lawsuit sensation against Ripple, the XRP price is expected to increase to a new high of $1.50 soon. In anticipation, XRP flipped to great heights on September 2.
This made traders roughly evaluate that Ripple would take over SEC in the ongoing lawsuit. To add to this, XRP/USD exchange rate soared drastically to 4.74%. The 4.74% surge significantly raised XRP price to $1.296 which represents a first since August 23.
Note that the XRP/USD exchange rate surge mainly occurred as their trading volume spiked massively. However, this gave some assurance that confirmed traders’ intention to support any upcoming upside move in XRP.
Moreover, the report further insisted that XRP is likely to push higher in this coming week. This bullish movement of XRP looks similar to how other digital currencies are also performing nowadays. Based on the report, the XRP price could even reach $1.60.
Furthermore, many speculate that the trend of the XRP purchase could be due to an assumption that XRP would be labeled as a utility token after the Ripple-SEC saga.
Ripple trades at $1.28 with a 24-hour market volume of $5,187,438,967, at the time of writing, according to Coingecko.
Original Source :coinquora.com
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