XRP has been the star of the top ten tokens on Coinmarketcapital over the last few days. Bitcoin, Ethereum, and other major cryptocurrencies are struggling to gather the momentum required to overcome key resistance levels. However, XRP has been reaching a higher high with no evidence of a downward correction in sight.
XRP Price Analysis Today: Why is XRP Rising?
At the time of writing, the price of XRP was $0.4483. It was up 11.03% against the USD over the last trading hour. In the last 24 hours, the token has traded in the $0.388 to $0.4485 trading range. XRP has now moved from the seventh to the sixth position on Coinmarketcapital.
The BNB USD coin has maintained its stable range of $1.00 and has only fallen to seventh place because of the rise in XRP’s market capitalization. The XRP market capitalization is $22.05 billion at the time of writing, and the price of XRP is up by an impressive 32.07% in the last seven days.
Cryptocurrency analysts predict that the XRP price is rising due to increased interest in the token. The Ripple Labs vs SEC lawsuit that has been ongoing for years may finally come to an end in the next few months. A recent judgment shows that XRP may be ruled a cryptocurrency in favor of Ripple Labs. Ripple Labs, the company behind the development of the XRP token, is being sued for selling unregistered securities, XRP.
With the summary judgment passed by the court last week, there is every reason to believe that the final ruling will occur before the end of the year and that it will be in favor of Ripple Labs. Traders want to buy and hold the XRP token in anticipation of a major bull rally after the final ruling by the court is made. This is the primary reason for the ongoing bull run.