The Ripple price is up for four consecutive days as investors remain optimistic that the ongoing rebound is strong. The XRP is trading at $1.2800, which is about 157% above the lowest level in June. It has a market capitalization of more than $58 billion, making it the 6th biggest cryptocurrency in the world.
The XRP price rose as investors paid attention on the ongoing case brought by the SEC about Ripple. The SEC alleges that Ripple Labs and its executives raised money from investors without following due process. It also claims that XRP is a security, which should be overseen by the agency. In its part, Ripple Labs claims that XRP is a cryptocurrency just like Ether and BTC.
The SEC vs Ripple lawsuit has been relatively muted in the past three months. This happened after the judge overseeing it granted the SEC permission to continue its investigation for three months. This week, the case restarted, with the two sides firing salvos at each other. For example, Ripple requested documents about SEC officials ownership of XRP. The court also ordered Ripple to provide Slack messages.
The conclusion of this case will be important for Ripple. For one, it will end a long chapter of litigation that has hindered the company from doing business. Also, it will allow exchanges to start accepting XRP. All this will depend on whether the outcome will be favourable for Ripple.
The daily chart shows that the XRP price has recently formed several bullish patterns. For example, it formed a rounded bottom pattern that is usually a positive thing. Also, it has recently moved above the 25-day and 50-day moving averages (MA).
Most importantly, it has formed a bullish flag pattern. This pattern is usually a positive thing for a financial asset. It is also moving above the 38.2% Fibonacci retracement level. Therefore, there is a high possibility that the coin will maintain a bullish trend in the near term. If this happens, the next key level to watch will be at $1.5426, which is about 20% above the current level.