The Ripple price has been trading sideways for the past week as the overall cryptocurrency sentiment improves. At the time of writing, it was trading lower at $1.1128. The XRP token has a total market capitalization of $52 billion. The coin’s total volume traded in the last 24 hours has jumped more than 5% to $3 billion. XRP is the 6th largest cryptocurrency in the world. It is slightly above Solana and slightly below Tether.
SEC vs Ripple Labs Lawsuit
The XRP price has been under intense pressure for the past few days. While its price has jumped more than 3% in the last 24 hours, the SEC vs Ripple Labs lawsuit continues to heavily weigh on its price. The Securities and Exchange Commission (SEC) filed a civil suit in December 2020, claiming Ripple Labs violated investor-protection laws.
The lawsuit saw Ripple lose some of its partnerships with major companies. MoneyGram International Inc in March terminated its partnership with Ripple after SEC filed the lawsuit. MoneyGram is an American money transfer company. It was using XRP as an alternative source of foreign exchange.
Investors have currently shifted their focus to the case. The general outcome of the case will certainly affect the Ripple price. While the case does not seem to end soon, investors might have to sit in tight for a while longer awaiting the results.
Ripple Price Forecast
The four-hour chart demonstrates several things about the Ripple price. First, the coin’s price has been under intense pressure for the past week. Second, it has formed a symmetrical triangle, which is often a bullish indicator. It has managed to move past the 25-day and 50-day moving average, reinforcing the bullish outlook.
Focusing on the symmetrical triangle pattern, the XRP price is set for a 27% jump to $1.4380. However, the stiff impediments along the way may ruin the optimistic outlook.