XRP Price Prediction as Hinman Documents Set to be Released – Can XRP 100x After Lawsuit Ends?
XRP is back above $0.50 per token once again on Friday, as the world’s sixth-largest cryptocurrency by market capitalization looks to reignite momentum following a strong bullish run in the past three weeks.
XRP is the native cryptocurrency of the XRP Ledger, a decentralized layer-1 blockchain protocol launched by US fintech company Ripple back in June 2012 to facilitate their revolutionary cross-border payment and liquidity business.
The cryptocurrency was last changing hands just under $0.52, up a little over 2.0% on Friday, up more than 26% versus its mid-May lows in the $0.41 area.
Meanwhile, XRP recently broke to the north of a downtrend from the yearly highs, helped by recent positive developments in Ripple’s ongoing lawsuit versus the SEC, surging above its 21 and 50-Day Moving Averages in the process.
Price predictions have been resoundingly bullish ever since.
Chart analysis suggests that XRP remains on course to retest its yearly highs in the $0.58 area.
That’s because, aside from the mid-April highs in the $0.55 area, there are no key areas of resistance to prevent the ascent.
Meanwhile, investors remain bullish on the likelihood that Ripple will secure a favorable outcome in the ongoing lawsuit versus the SEC, who accused the fintech company of issuing over $1 billion worth of XRP as unregistered securities back in December 2020.
However, in ten days’ time, the SEC is being forced by the judge presiding over the lawsuit to release documents relating to a speech former SEC Chairman William Hinman made on cryptocurrencies that is expected to show that the SEC was, at the time, unsure as to whether XRP was a security or not, undermining the agencies argument that Ripple issued XRP as a security.
Investors have thus been
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