All the reasons why XRP’s community is bullish now
Of late, XRP has received a lot of media attention, in part due to its legal disputes with the SEC and partly owing to its appreciating price trend. In fact, data from LunarCrush indicates that XRP’s social engagements and mentions have also seen a favorable response lately.
XRP is ranked above 3,800 cryptocurrencies on LunarCrush’s Alternative Ratings, according to their most recent tweet. There is a sizeable community for XRP, and the most recent ratings reflects an increase in activity.
XRP’s press time price seemed to be supported by the widespread optimism surrounding it. The potential resolution of the legal dispute between the Securities and Exchange Commission (SEC) and Ripple is one possible explanation for this feeling. Through a process known as summary judgment, both Ripple and the SEC are hoping to finally get a judgment in their protracted legal struggle. Recent documents reveal that neither side wishes to proceed with a full trial.
If Ripple ends up settling the lawsuit, there might be a sudden drop in XRP supply, which would likely cause the price to spike because demand is stable but supply is falling. Popular crypto-analyst Ben Armstrong recently shared that one of the reasons for the pump is that the SEC essentially gave up attempting to establish XRP as a security. He thinks that even if Ripple loses the litigation, the most severe consequence would be a fine that the company could easily pay.
A look at XRP’s price movement within the 6-hour and daily timeframes gives us an insight into the price behavior over the past few weeks and months.
On the daily timeframe, XRP’s support has largely been around the $0.306-region with the resistance at the $0.386-region. On the 6-hour chart, the support level was
Read more on ambcrypto.com
