Ripple’s XRP seems to unstoppable at this point as the world’s fourth-largest cryptocurrency recently surged past $1.85 levels with its market cap moving above $82 billion. XRP is currently trading at a 3-year high and at levels last seen during the 2018 altcoin bull run.
In the last 24 hours, the XRP price has gained 27% and more than 69% on the weekly charts. The recent price rally in XRP comes as Ripple executives make an aggressive move to dismiss the SEC lawsuit against the company. On Monday, April 12, Ripple executives Chris Larsen and Brad Garlinghouse filed motions for dismissing the SEC lawsuit on the blockchain startup for allegedly selling XRP as illegal securities during its 2013 ICO.
The hostility between Ripple and the SEC started in December 2020 when the outgoing chairman Jay Clayton slapped charges on the blockchain startup. Over the months, Ripple has defended its position of no wrongdoing and recently has seen the ball rolling in its favor.
Last week, the court passed two decisions that turned into small victories for Ripple against the U.S. SEC.
- The court granted Ripple access to the SEC documents confirming the status of Bitcoin (BTC) and Ethereum (ETH)
- The court denied the SEC to gain access to the personal financial spending of Ripple executives
Things currently seem to be moving in favor of Ripple and with the latest motion to dismiss the lawsuit, the Ripple executives are just hitting the hammer when the iron is hot.
Coming to XRP, analysts are now predicting that looking at the current chart, XRP is all set to cross its previous all-time high of $2.58.
XRP to Surge Past Its Previous All-Time High
Popular market trade Peter Brandt predicts that XRP price can pass its previous all-time high very soon. Peter Brand notes that XRP’s weekly technical chart shows an inverse head and shoulder pattern. This is quite an indication of a bearish-to-bullish trend reversal.
In case you trade this (I don’t)
Coin is enjoying SEC ruling and the madness of crowds
Weekly chart H&S patterns are too often not to believed. But sometimes they come true.
This possible inverted H&S with stunted RS would indicate prices a boat load higher (new ATHs). $XRP pic.twitter.com/TQdEV5j8Dv
— Peter Brandt (@PeterLBrandt) April 9, 2021
As CoinGape reported, XRP is first eyeing a move to $2 as its immediate target. While we have already reached closer, it will be interesting to see if XRP can dethrone Binance Coin (BNB) to reclaim its #3 spot.
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