Ripple (XRP) has continued trading above $0.50 this week despite market fluctuations and developments in Ripple’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). While Ripple recently suffered a setback in the case, analysts remain optimistic about XRP’s price outlook as the trial heads into its final stages.
SEC scores a win against Ripple
Recently, SEC lawyers have convinced the court to order Ripple to disclose its XRP sales contracts from the past two years. Ripple had argued that compiling this data would be extremely burdensome, but its past market success may have worked against it.
Despite the outcome, Ripple has continued seeking ways to prove that XRP should not be considered a security. So while the latest ruling was a blow, Ripple still aims to prevail.
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Will XRP gain bullish momentum?
According to analyst Ali Martinez, XRP’s weekly TD Sequential Indicator recently signaled a potential short-term reversal. He thinks the continued flow of investor money from Bitcoin into altcoins will contribute to XRP’s bullish outlook.
A persisting rally in Ethereum (ETH) compared to Bitcoin could support the narrative of an impending “altseason” boom across alternative cryptocurrencies. Moreover, the anticipation surrounding Ethereum’s upcoming upgrade and possible approval of a spot ETH exchange-traded fund (ETF) in the U.S. could amplify altcoin gains over the coming months.
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So despite the ongoing lawsuit, technical and market factors seem primed to fuel an XRP price surge. The cryptocurrency continues to hold steady near the $0.5 level.