Investors are excited about the outlook for Ripple in its two-year lawsuit with the US Securities and Exchange Commission.
Ripple CEO Brad Garlinghouse recently predicted that the process should be completed by the end of this year, or at the latest by the end of the first half of 2023.
According to him, there is no chance of Ripple losing the lawsuit, and furthermore, according to him, there is no possibility of Ripple entering into any transaction with the SEC. Moreover, he points out that the victory would reveal just how desperate the SEC is about cryptocurrencies.
He also announced that the victory would not only belong to Ripple, but to the entire cryptocurrency market.
As a result, the price of XRP rose to $0.425152. This represents a 10% increase in one week and a 20% increase in the last 30 days.
“Investors are bullish on Ripple’s outlook due to the fact that all briefs have already been submitted and are now awaiting the judge’s decision. If the decision is favorable to Ripple (i.e. XRP is not a security), XRP could rally significantly, surpassing the all-time high of $3.40 and reaching to new heights,” said Simon Chandler.
Chandler also notes that the XRP chart has the Relative Strength Index (RSI) rising very close to 70 in recent days, which means that the optimism surrounding the state of ripple has injected some additional buying pressure into the market.
Moreover, the 30-day EMA of XRP has rallied towards the 200-day level, which indicates a possible breakout, especially if the short-term average breaks above its long-term counterpart.
Attorney James K. Phelan is also optimistic about Ripple’s victory, and according to him, Judge Annalisa Torres should issue a summary judgment in the case and says that the SEC’s arguments are unfounded.