Why is the price of XRP up today?

The price of the native token of the XRP Ledger is up by more than 2% over the past 24-hour period to now trade above that $0.60 mark, boating a market capitalization of $34.4 billion at the time of writing.

XRP’s price is now at its highest level since mid-August. The cryptocurrency’s positive price performance may likely be a result of Ripple’s series of victories against the U.S. Securities and Exchange Commission (SEC) in court.

In July, Ripple achieved its first partial win when a Federal Judge ruled that the firm’s past programmatic sales did not amount to an offer of investment contracts. XRP surged above $0.85 in response but fell back to around $0.50 in the subsequent days.

The Ripple community saw two additional victories last month, after US magistrates rejected the SEC’s attempt to appeal the initial ruling and when the charges against CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dropped, which led to XRP’s largest single-day rise in months. Over the past 30 days it’s still up more than 19% according to CryptoCompare data.

Many analysts and experts think the organization is close to a final win in the long battle that started in December 2020. A trial scheduled for April 2024 should decide the outcome of the legal battle.

XRP’s recent price rise came amid a wider cryptocurrency market surge, with data showing that the space’s total market capitalization has risen by 1.49% over the last 24-hour period to $1.29 trillion, while 24-hour trading volume rose over 40% to $58.9 billion.

As reported,  historical XRP price data from CryptoRank, over the past five years shows that November has predominantly been unprofitable for XRP, except for 2020 when it saw a significant 178.3% gain.

As reported, the recent cryptocurrency market recovery that saw the price of the flagship cryptocurrency Bitcoin reach a 16-month high has increased bullish sentiment in the sector, with one analyst now suggesting XRP’s price could explode over 1,000% in the future.

In a post shared on the microblogging platform X (formerly known as Twitter), the popular analyst Dark Defender noted that the price of XRP could skyrocket to surpass the $6 mark before the end of next year.

The analyst’s chart shows that his price prediction could become a reality and see XRP’s price go “parabolic” if the cryptocurrency manages to reach the $1.3 mark, which is a key level that still has several support and resistance levels to overcome to reach.

Dark Defender also noted that the current cryptocurrency market volatility could see the price of XRP hit $0.66 in the near future. His XRP price prediction, however, is one of the more moderate ones seen lately.

Earlier this month, a popular cryptocurrency analyst has made a daring XRP price prediction suggesting that the native token of the XRP Ledger could soon see its price surge to a whopping $220, based on a historical pattern that would lead to that level if it was repeated.

Featured image via Pixabay.

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