California, USA – XRP trades at $1.08780 after soaring by 30.13%, being its biggest gain in a one-day percentage. In the past 24 hours, the price range traded between $0.84927 and $1.08800.
In the previous days, analysts foresee that XRP will hit its target price of $1. The chart shows a trend reversal indicator, dubbed as “double bottom,” where the price rebounds to a higher resistance level after bottoming out. It moved back to the first level at the bottom only to jump back to its past neckline. With the performance of the price, this digital asset went close to another gain.
On June 22, the price of XRP/USD is at $0.65, which jumped back to its $0.75-resistance level. When the price dropped to $0.51, it still found its way back to the resistance level of $0.75.
According to the research of Samurai Trading Academy, the double bottoms of XRP’s performance now has a success rate of 78.55%.
The price of this cryptocurrency boosted further to $1.08780. The increase pushed the market capitalization of XRP to $48.54556 billion, which is 2.50% of the market capitalization of the crypto industry.
On another note, Judge Sarah Netburn ordered US SEC or Security Exchange Commission to provide internal documents after Ripple Labs’ filed a motion. The motion aims to require SEC to turn over the internal communications of Etherium and Bitcoin as well, Judge Netburn approved it, yet SEC didn’t provide any documentation.
Since SEC could not comply with the court’s order, Judge Netburn can order sanctions against the agency. There’s a higher chance for Judge Netburn to dismiss the case if SEC continues to become uncooperative.
According to Gary Gensler, the SEC Chairman, they will take their authority as they haven’t lost the case.
Jim Marshall from Ripple commented on Gensler’s statement, stating that he found it funny how Gensler declared that they never lose a case.
The Ripple vs. SEC case began in December 2020, which affected the price of XRP, but the price these days is improving despite the unresolved case of the two parties.