Ripple (XRP) price continues on its way from the 0.5 levels on July 20, targeting 1.5 to 1.6 dollars. The XRP price soared yesterday as crypto traders consider Ripple to have an advantage over the United States Securities and Exchange Commission (SEC) in a lawsuit lasting from December 2020 to the present. XRP price chart bull flag puts the next bullish target at $1.5. Cryptocoin. com we are now looking at the details.
The next step for Ripple
The apparent climb of XRP along with the sudden increase in trading volume confirms the desire of investors to support the upward movement in the coming sessions. Cryptocurrency analyst CrediBULL Crypto stated that XRP could hit $1.5 – $1.6 due to the contradictory buying sentiment near the bottoms of almost every major cryptocurrency, including Bitcoin.
Also, the latest acquisition in the XRP market comes due to speculation that XRP will be called a utility token at the end of the ongoing courtroom saga between the United States Securities and Exchange Commission (SEC) and Ripple. The case has reached a point where both Ripple and the SEC want to examine each other’s internal communications.
XRP price and SEC process
Ripple (XRP) suffered serious reputational damage after an SEC lawsuit was filed in December 2020. As a result, it has faced a hard line against many of the top crypto exchanges, including Coinbase and Bitstamp. FUD also drove the XRP price down 66% in the same month. It seems that Ripple’s small gains against the SEC have boosted XRP’s short-term bullish outlook.
XRP’s recent gains have helped its price break an important resistance level. As such, Ripple’s native token faces the prospect of a bull run, especially as it tries to move up from the Bull Flag pattern. If the rally continues, set a bullish target for XRP at $1.51, according to cryptocurrency analyst CrediBULL Crypto. At the time of writing, XRP is changing hands at $1.25 and has gained 5% in the last 24 hours.