Ripple Price Analysis: After 30% Weekly Gains, Can XRP Continue to Soar?

Ripple, as the fourth-largest cryptocurrency by market capitalization, saw increases of over 30% during the last 7 days, according to CoinGecko.  The price extended to nearly $0.56 on Friday but got quickly rejected.

Timeline of Xrp

The Ripple price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the last two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on.

A closely followed crypto strategist is predicting big rallies for XRP as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) heats up. The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.

Of late, XRP has received a lot of media attention, in part due to its legal disputes with the SEC and partly owing to its appreciating price trend. In fact, data from LunarCrush indicates that XRP's social engagements and mentions have also seen a favorable response lately.

Despite the bearish trend, few altcoins are staging a few significant rallies this week. XRP has mounted a fresh rally as it has broken above the moving average lines, signaling an uptrend. Bulls have re-established bullish momentum in the cryptocurrency after breaking through the overhead resistance at $0.41. Due to early resistance at $0.

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning.

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC's suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.

The US SEC vs Ripple lawsuit is leading toward the much required clarity and solution of the long running case. However, the experts have hinted that the commission has given up trying to prove that XRP is a security in its latest filed motions.

The Ripple price analysis reveals the price has been trading low for the past few hours as the bears have been trying to remain in the lead. However, the bulls have not given up as they have been slowly pushing prices higher.

XRP, Ripple's native token has emerged as the biggest gainer over the past week. The recent spike in XRP price has come when the other major cryptos like Bitcoin and Ethereum prices have dropped significantly.

On Friday (September 23), a very popular crypto analyst explained why $XRP has performed so well in the past week or so. As you can see from data by TradingView, on crypto exchange Bitstamp, XRP-USD has gone from around $0.3238 on September 16 to around $0.4930 where it is today (as of 8:00 a.m.