+12% weekly gain, Ripple bulls aim for $1! Come in now?

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Ripple’s XRP is currently at $0.3899 – recent positive developments are driving the price. According to CoinGecko, Ripple’s native token is up 12% on the weekly and bi-weekly time frames.

Good news for Ripple’s XRP

There was positive news in the US Securities and Exchanges Commission (SEC) process against Ripple, which began in December 2020. Last month, Ripple was able to win a small victory when a judge ordered the SEC to hand over the Hinman documents. They describe the former SEC director’s speech in which he said that Ethereum is not a security.

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With his cautious optimism about the current crypto climate, can Ripple CEO Brad Garlinghouse reach XRP bulls’ $1 target?

Pumping Ripple to $1?

XRP has retained its place in the hearts of many investors. Data from Binance shows that the token remains in the top 5 most traded cryptocurrencies on the platform, just behind BNB and just ahead of BUSD.

ETH. Image: Binance

The whales are also part of the party. According to the whale tracker WhaleStats the token is also in the top 100 whales. This increase in whale and market activity is certainly a sign that XRP is recovering from its previous low market levels.

As the trial draws to a close, XRP also has the luxury of targeting higher prices in the future.

🐳 Top 4000 #BSC whales lobsters

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$29,874,257 $SFP

$27,695,801 $XRP

$20,945,818

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Whale Leaderboard 👇https://t.co/CnPsLVmRmh pic.twitter.com/I2ww8aqERV”

$1 Target: On Point or Delusion?

At the time of writing, the token is stuck at its current support of $0.3845. This shows that the bears and the bulls are fighting. As the bears retest the support, XRP may experience pain in the short term as the bulls do their best to scale the $1 level.

The price of the token is also likely to go through the roof if the company wins the lawsuit. In that case, XRP would react positively. On the other hand, the opposite would be the case if the company loses the case. But since Ripple has a good chance to win the process, the positive market sentiment would make the price of the token skyrocket.

The total market cap for XRP is $19.7 billion on the daily chart | Chart: TradingView.com

However, the current support area has been consistently tested by bears since January 15th. Despite its high correlation with Bitcoin – which recently broke a key resistance – Ripple’s XRP may not perform as well as the other altcoins on the market.

Compared to the top gainers among the top 100 cryptocurrencies, XRP gains are significantly smaller over the same period. Investors and traders should keep an eye on the lawsuit as it is likely to have a significant impact on the XRP price.

In the short term, XRP presents a good opportunity for a short position as the price can break the current support at any time.

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Text credit: Newsbtc

Last updated on January 18, 2023

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