XRP Bulls Target $1 As Crypto Rises With 12% Weekly Pump

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XRP is currently at $0.3899, which is the result of recent positive external developments. According to CoinGecko, Ripple’s native token is up 12% over the weekly and bi-weekly time frame.

Positive news has been brewing in the US Securities and Exchanges Commission (SEC) lawsuit against Ripple which began in December 2020. Last month, Ripple won a small victory as the SEC was ordered by a judge to hand over the Hinman documents which details the former SEC director’s speech saying that Ethereum was not a security.

With Ripple CEO Brad Garlinghouse cautiously bullish on the current crypto climate, can XRP bulls reach their $1 target?

Send ripples to the market

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

Picture: Binance

Whales also join in the fun. According to whale tracker WhaleStats, the token also became the top 100 most traded. This uptick in whale and market activity is certainly a sign that XRP is recovering from its previous market lows.

With the lawsuit over, XRP has the luxury of aiming for higher prices going forward.

Top 4000 #BSC Whales Linger

$63,784,004 LYO $29,874,257 SFP $27,695,801 XRP $20,945,818 USDZ $20,519,180 PALLA $15,328,126 MATIC $14,681,276 Cake $11,255,718 MBOX

Whale Ranking https://t.co/CnPsLVmRmh pic.twitter.com/I2ww8aqERV

WhaleStats – the top 1000 BSC list (@WhaleStatsBSC) January 18, 2023

Target of $1: accessible or crazy?

At the time of writing, the token was stuck in its current support at $0.3845, which shows a struggle between the bears and the bulls. With the bears retesting support, XRP may suffer in the short term as the bulls do their best to reach the $1 mark.

The price of the token would also be determined if the company won the lawsuit. If Ripple wins, XRP would react positively and do the opposite if it loses the lawsuit. But with Ripple having a good chance of winning, the positive market sentiment would drive the price of the token higher.

Total XRP Market Cap at $19.7 Billion on Daily Chart | Chart: TradingView.com

However, the current support range has been constantly tested by the bears since January 15th. Even with its strong correlation to Bitcoin which recently breached a crucial resistance level, it may not perform as well as other altcoins in the market.

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

In the short term, XRP presents a good short-term opportunity as the price could break the current support at any time.

Featured Image by The Market Periodical

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