XRP/USD price analysis: it soars 38% after key legal wins

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XRP/USD price analysis shows it is surging significantly, soaring 38% in 24 hours after Ripple scored some key legal rulings.
The price surge, more than 110% over the last week so far, follows Ripple’s notable wins by its legal team after a federal judge ruled that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen do not have to provide their personal financial records to the Securities and Exchange Commission (SEC).
Whilst Bitcoin (BTC) and Ethereum (ETH) both posted moderate daily losses, XRP increased by almost 38% from $1.01 up to a high of $1.39. The cryptocurrency has pulled back a little since hitting that high and is, at the time of writing, up 33.16%, valuing XRP at $1.42092.
The volume of XRP traded over the last 24 hours was more than $17.6 Billion, just under 13% of the total volume of all cryptos.
The big spike in investor confidence and price comes after the ruling made on Friday by the US District Court Judge Sarah Netburn, of the Southern District of New York. Netburn ruled that the SEC’s requests for the records were not “relevant or proportional to the needs of the case.” The judge also ruled upon a motion of discovery which grants Ripple access to SEC memos and minutes “expressing the agency’s interpretation or views.” These records are expected to reveal why the SEC has not classed Bitcoin or Ethereum as securities. Should the documents call XRP as a “virtual currency” rather than as security, Ripple will expect to strengthen their case in the lawsuit brought by the SEC in December 2020 which finally relies upon its determination that XRP is deemed a security.
Despite the massive surge in price which now gives XRP a 2021 gain of more than 550%, XRP is still down around 60% from its ATH of $3.29 set on January 4th, 2018. The latest price jump has also pushed XRP back into the top 10 cryptocurrencies by market capitalization. XRP is 4th behind only BTC, ETH, and BNB.
The week prior, XRP price jumped nearly 5%, hitting its highest price in three years, after Ripple announced that the company has acquired a 40% stake in Tranglo, one of Asia’s biggest cross-border payment companies.

XRP’s Price Can Go ‘Boatload’ Higher, Veteran Analyst Peter Brandt Says

XRP/USD price analysis indicates that the rally may have just started, and new all-time highs could be seen for the cryptocurrency in the coming months, says Peter Brandt, an expert with over four decades of experience tracking commodity markets.
Brandt identified a pattern in XRP’s weekly price chart that he described as a “possible inverted head and shoulders with a stunted right shoulder.”
The pattern “would indicate prices a boatload higher (new ATHs),” Brandt, CEO of Factor LLC, tweeted Friday.
Inverted head-and-shoulders patterns comprise three price troughs, with the middle one being the lowest, and a trendline connecting the high points of the two retracements. A breakout or bullish reversal is confirmed once an asset establishes a firm foothold above the neckline hurdle.
While it has already flipped the neckline hurdle of 75 cents into support, a weekly close above is still needed to confirm the breakout.

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