Crypto Community remains optimistic about XRP, despite bearish market conditions

The crypto community received a big surprise two years ago when a leading provider of crypto solutions for companies was sought by the US Securities and Exchange Commission.

Ripple was taken to court by the SEC, which triggered what has become the most monitored legal settlement in the cryptocurrency industry.

The SEC’s lawsuit accusing Ripple of violating securities laws has developed into a long-running legal dispute, with the future of cryptocurrency regulation potentially in jeopardy.

The case, which was filed in December 2020, concerns the commission’s claim that Ripple refused to register the $ 1.4 billion XRP, its original currency, as securities.

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Image: MetaCrunch

Crypto Community remains optimistic about XRP

Despite the current Ripple litigation and unfavorable market conditions, the XRP community continues to be optimistic about the XRP price as this trend unfolds.

Six months after the filing of the SEC’s lawsuit against Ripple and its executives, the price of XRP fell from $ 0.7 to $ 0.2. As the case progressed, the value of Ripple increased along with it.

Monday’s Coingecko statistics show that XRP is trading at $ 0.327, an increase of 1.5 percent from last week. XRP’s 24-hour trading volume is $ 1,116,622,856.

Can XRP reach $ 35,000? Or, $ 50K Even?

Remarkable figures from the crypto industry, such as Valhil Capital CEO Jimmy Vallee, estimate that the price of XRP could reach $ 35,000. Others are of the opinion that the price may exceed $ 50,000.

The growth of XRPL use cases has also contributed to the excitement surrounding XRP. Peersyst Technology has announced the creation of the first Colombian national land register on the XRPL blockchain.

In the current bear market, XRP is one of the cryptocurrencies investors expect a robust race for.

As a result of the increased interest in Central Bank Digital Currency (CBDC), Ripple has prepared to be recognized through the private ledgers and affordable cross-border transfers it enables through the Ripplenet project, thus increasing the price and sentiment of XRP.

In other developments, the largest bank in Morocco, Attijariwafa Bank, has partnered with the company to promote seamless XRP token payments to its customers.

XRP total market cap at $16 billion on the daily chart | Source: TradingView.com

Hold on to long positions, or make a profit?

Meanwhile, interested parties can open long positions and predict that if they succeed, the price of XRP will rise above $ 0.387 and sweep liquidity first.

Market participants have two options when the first goal is reached: they can either stick to their positions to test the next level again at $ 0.439 or post a profit.

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XRP has recovered from the crisis in December 2020, and the long-term price forecast for this year is optimistic. This year, the cryptocurrency is likely to surpass the current record high of about $ 3.84, analysts say.

However, this will only happen if it overcomes the many psychological barriers it has raised over the years.

Featured image from The Positivity Blog, chart from TradingView.com