Ripple’s XRP did not start the year well after the US Securities and Exchange Commission (SEC) took the company to court.
The financial market regulator charged Ripple’s executives with selling unregistered securities totalling $1.3 billion.
However, Ripple has been making a strong case against the SEC. After the case was filed, the token slumped to $0.2, but in April 2021, it reached $1.00.
However, Ripple’s impressive growth was again disrupted in the May market meltdown, pushing the token back below $1.00. XRP is now fighting to maintain its price levels at around $1.00. At the time of writing, XRP was trading at $0.9461.
XRP’s Price Analysis
Analysing XRP’s price, the coin has moved past the support level of $0.90, as seen in the chart below. XRP is likely to gain momentum this week, and this may not only push it past $1.00, but it could even reach $1.20. However, this will still be below the major resistance price of $1.30.
For Ripple to break past the $1.00 mark, it needs support from the broader crypto market. However, if it maintains its value above $0.90, it may prevent a major selloff that could pressure the price lower.
Ripple Making Great Wins
One of the major factors helping XRP’s price gains is the major wins by Ripple against the SEC. A few weeks back, the firm won a lawsuit that prohibited the SEC from accessing the legal communications of the company. That win alone propelled XRP’s prices by around 13%, and the coin approached $1.00.
Last week, the firm filed a motion that requested the SEC to submit documents that had been previously requested. The documents will help to establish why the SEC classifies XRP as a security and not as a currency or commodity as it does with bitcoin and ethereum.
More positive tailwinds came from a recent interview during the CoinDesk Consensus 2021 conference, Ripple’s CEO, Brad Garlinghouse, announced a high likelihood of the company going public. However, he added that the listing would only happen after the case with the SEC was resolved. The news pushed the XRP price 14% higher.
Ripple also has a unique market position, given that its business model does not primarily mainly revolve around decentralized finance focused on individual consumers and investors, but rather in transforming traditional financial markets by providing services to corporate entities, particularly in cross border transactions.
Therefore, the XRP token is expected to withstand strong future market turmoil, especially if it achieves the critical role of being used as a bridging currency for CBDCs, as detailed in the Ripple whitepaper.
Key to XRP’s long-term success is the adoption of RippleNet by financial institutions – XRP is the liquidity token of the RippleNet value transfer system, designed with large cross-border payments in mind, such as those made by firms between their various multinational entities or third parties.
How to buy XRP
With XRP expected to reach $1.00, it could be the ideal time to purchase the coin. You can buy XRP from a cryptocurrency exchange. The exchanges that currently support XRP include:
eToro
The most popular exchange where you can go to and buy XRP is eToro. The crypto exchange is available in many countries and offers competitive trading fees. The exchange also offers copy-trading services that will allow you to mimic the strategies being used by experienced traders.
To get started on eToro, create an account with your details, verify the details, deposit funds into the account, and you can start buying the coin.
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