Market Analysis: The Price of XRP Is Growing Powerfully
FXOpen
May ends today. During this month, the price of bitcoin decreased by more than 5%, the price of Ethereum remained practically unchanged. But the price of the Ripple coin increased by more than 11%.
There are several reasons for this:
→ Ripple has acquired the Swiss company Metaco, which is engaged in the implementation of digital assets.
→ In an interview last week, Ripple CEO Brad Garlinghouse said the lawsuit with the SEC could be resolved within a few weeks. Since then, rumors of a positive decision have spread, leading to an increase in those who decide to buy XRP.
Google’s artificial intelligence Bard noted that the price of XRP is highly dependent on the legal battle between Ripple and the SEC. Perhaps the result will be the relocation of the company to another country. Garlinghouse noted that Ripple has recently been hiring employees outside the United States.
The chart shows that the price of the XRP token is moving within an ascending channel, which originates back in last year’s May. If the legal dispute with the SEC ends on terms acceptable to Ripple, this could lead to the channel being breached by the bulls, and the price of XRP reaching $1.
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