The cryptocurrency market turned bullish almost immediately after data from the Consumer Price Index showed inflation dropping from 7.1% to 6.5%. XRP has been on a sustained bull run lately, causing excitement among both enthusiasts and investors.
At the time of this writing, 1 token is worth $0.4, reflecting an increase of 1.6% over the last 24 hours and 12% over the last 7 days.
Is XRP Aiming for the $1 Mark?
Given the constant positive momentum of XRP, we need to assess the likelihood that XRP will attempt to reach the $1 threshold.
Ripple, the company that issued XRP, is currently in a high-profile legal battle with the U.S. Securities and Exchange Commission (SEC), and investors fear that a verdict in Ripple’s favor will have an immediate and massive bullish impact. We want the price of XRP.
Additionally, whales are showing tremendous interest in tokens at the moment, as evidenced by the fact that they are continuously buying hundreds of millions of tokens. Most of his TradingView Technical Analysis (TA) indicators for the 1-day gauge show bullish results from a purely technical perspective.
In the current market, XRP has a market cap of $19.8 billion, about $2.7 billion higher than its January 1 market cap of $17.1 billion at the beginning of the year. In terms of market capitalization, the token is currently the 6th largest cryptocurrency.
Can Ripple Win the SEC in Lawsuit?
If defense attorney and prominent commentator on the matter, John E. Deaton, is correct in his prediction that the SEC will lose the lawsuit, Ripple and XRP could very well win.
Lawyers said the SEC’s argument that XRP tokens have always been security proves that applying the Howey test to Ripple Labs and XRP is tricky and complicated.
All of this, according to Deaton’s investigation, indicates that the SEC’s determination that XRP meets Howey’s second and third prongs was wrong, and therefore the SEC’s chances of winning in this case are slim to none. I’m here. We don’t know if Ripple can pull off a win against the SEC, time will tell.
