Ripple’s XRP token is currently the best-performing cryptocurrency among the top 10 projects by market cap. While Bitcoin and Ethereum have fallen by 2.5% and 2.7% in the daily charts, XRP has rallied by 4.7% in the same time frame. The asset has also rallied by 14.1% over the previous week. XRP continues to glow red in the 14-day and monthly charts, falling 2.6% and 3.3%, respectively.
Also Read: Ripple: How High Can XRP Go If Ethereum Hits $10,000?
It is unclear why XRP is rallying right now. It is possible that investors anticipate a positive ruling in the SEC vs. Ripple lawsuit.
Can Ripple’s XRP reclaim $0.60 this weekend?
According to the researchers at CoinCodex, XRP could rise to $0.48 on Sunday, July 14, 2024. The platform anticipates XRP to hit $0.61 on July 16, 2024, but predicts a correction to $0.52 right after.
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Changelly is more bullish on XRP than CoinCodex, predicting the asset to hit $0.572208 on Sunday, July 14, 2024. Changelly predicts XRP to continue trading above $0.50 for the rest of the month, but does not expect the asset to breach the $0.60 mark anytime soon.
Also Read: Ripple: Analyst Says XRP is an Asset That Can Replace the US Dollar
One key element that has prevented XRP’s price from rising further is the SEC’s litigation against Ripple. A district court last year ruled in favor of the fintech company and the case is currently pending at the high court. It seems doubtful that XRP will take any significant price action before the case is over. We might see an abrupt increase in XRP’s price and adoption if Ripple wins its case.
Also Read: XRP Recognition: A Deep Dive into Its Impact on DeFi
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