- Ripple price hit its highest level in a year and analysts have set a target of $1 for the altcoin.
- The SEC lawsuit against Ripple has taken a turn in favor of the payment giant as the presiding judge rules that Hinman’s speech is no longer privileged.
- Analysts predicted a massive rally in the altcoin and set new targets as XRP breaches resistance at $0.78.
Ripple’s long and ongoing lawsuit and a tussle between the SEC and the payment giant may soon be over. Analysts have a bullish outlook on Ripple and predict an altcoin rally.
Rising Ripple prices could overshadow other altcoins
Ripple price is targeting the $1 level after a significant recovery from its recent downtrend. The SEC lawsuit against Ripple has negatively influenced the sentiment of XRP holders for over a year now. The recent update, where presiding judge Sarah Netburn declared the speech of former SEC director William Hinman to be a document all parties can access (and no longer privileged), is seen as a watershed moment for Ripple.
Ripple’s team of lawyers are confident of a win in the near future as the case draws to a close. The XRP community has been waiting for this update for a very long time; therefore, traders have a bullish sentiment.
XRP price recovered from its fall and broke through the resistance at $0.78. Analysts assessed the Ripple price trend and read a bullish signal on the 4-hour candlestick chart.
Ripple price is currently above the 200-day EMA at $0.78, and the 100-day EMA is holding against 200, providing support for the altcoin. Crypto analyst Bob Mason claims that reducing the 50-day EMA to the 100-day EMA would bring back a target of $0.80 in action.
FXStreet analysts believe Ripple price may make another attempt to hit $0.91. The $0.79 level is important to watch for a retracement on Ripple’s rise towards the target, although the altcoin may face resistance at $0.80 and $0.91 on its way to $1 .