XRP coin soaring continuously for the last 7 days and crypto analysts are expecting a very big rally as the XRP Lawsuit is nearing its end.
XRP is a popular Proof-of-stake (PoS) crypto token. San Francisco headquartered fintech firm Ripple uses this coin to provide cross-border payment services. Since Dec 2020, Ripple has been in a legal hurdle because of a lawsuit initiated by the United States Securities and Exchange Commission (SEC) against the nature of XRP coin & Ripple’s crypto payment business.
On 1 June 2023, the TechnicalRoundup YouTube channel published a new video on the latest analysis on the XRP coin. The analysts noted that XRP coin has better potential to gain double or triple time trade value increment, under current sentiments.
Analysts noted that whales are continuously accumulating XRP coins as XRP Lawsuit is nearing the end.
“I think the XRP narrative could come rolling in again. The SEC case is getting closer and closer and I think basically if you have a stop loss on this thing the upside is like a double to a triple and the downside depends on how much you slip but like 10%-15%,” Analyst said.
Further on the very high pump possibilities, analysts noted that there is no reason to deny XRP to the $1 trade price.
The current trade price of XRP coin is $0.5242 & this trade price is 11% high over the last 7 days of trade price.
Latest developments in XRP Lawsuit
In the last court hearing the court judge denied the SEC’s motion to keep the Hinman document private. The court judge admitted that the Hinman document can be used as a witness in the case & further ordered the SEC body to submit the documents in the court.
It is expected that the SEC body will submit the documents before the middle of this month.
Hinman documents include all the statements that former SEC Commissioner William Hinman passed about the nature of Ethereum (ETH). In the XRP Lawsuit, defence lawyers will prove XRP is a non security crypto token, on behalf of the Hinman document.
Read also: ARB token surging following USDC integration news & whale’s accumulation
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