The asset’s goal to reclaim the $0.45 level is significantly hinged on its recapture of $0.415.
XRP is aiming to reclaim the much-coveted pre-FTX price territory at $0.45 amid a surge of optimism on the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Several individuals, including Ripple’s CEO Garlinghouse and attorney John Deaton, have recently noted that they are confident of a positive ruling.
Renewed Optimism on Ripple v SEC Case
While the majority of assets retested their respective pre-FTX values in the recent market-wide rally, XRP’s highest value during the rally was at $0.41, 20% short of the $0.50 peak the asset traded at immediately before FTX imploded. XRP’s unique situation is partly due to the asset’s continued reliance on updates from the SEC v Ripple case.
However, the XRP camp has recently witnessed a case of renewed optimism, as Ripple’s CEO Brad Garlinghouse and attorney John Deaton expressed their unwavering confidence in a positive ruling. While the case is likely to come without significant updates till March, investors are generally optimistic.
Speaking at Davos 2023 last week, Garlinghouse noted that he is confident of a favorable ruling, stating that it is unlikely for the case to end in a settlement. Shortly After Garlinghouse’s comments, Deaton explained why he believes an outright win is a certainty for Ripple. He also noted that if XRP was really a security, then the case would not have lingered for over two years.
As reported by The Crypto Basic, In Davos Ripple chief executive officer Brad Garlinghouse asserted that over half of the transaction volume, the company processes via its various payment rails now goes through XRP boosting investor confidence.
XRP Has Its Eyes Set on $0.45
As optimism on the case picks up, XRP has its eyes set on the levels seen before the FTX saga. However, this lofty goal will only materialize if the asset can hold steady above the recently-captured $0.4150 territory. XRP has gained by 6.03% in the past 24 hours, making it the highest-gaining asset on the top 25 list.
This recent rally came up after XRP printed a losing candle for the second consecutive day yesterday. With a current value of $0.4294, XRP has eclipsed the value it attained during the latest market-wide rally, gaining by over 5% in less than an hour. The asset has so far broken above the first two crucial resistance points at $0.4096 and $0.4123.
XRP has its eyes currently set on the third resistance point at $0.4335, which, if captured, could serve as a launchpad for the recovery of the $0.45 price territory. However, in the event of the exhaustion of buyers, a massive price dip could bring XRP down to its first major support point at $0.3944.