XRP Hits One-Month High On Re-Listing Prospects: Analysis

XRP hits one-month high on the re-listing prospects with the traders rushing into the exchanges as we see more in our latest ripple XRP news.

Ripple’s native asset XRP surged to a new one-month high on Monday with the traders grappling the prospects of re-listing on crypto exchanges, months after the coin experienced a huge drop when the US Securities and Exchange Commission filed a lawsuit against the Ripple Labs parent company for its role in selling illegal securities. The legal action raised more fears that XRP which acts as a settlement token on the blockchain could be a security and prompted many exchanges including OKCoin, Coinbase, and others, to delist the token from their trading platforms until further notice. The XRP/USD exchange rate crashed by more than 33 percent right after.

The hearing last Friday raised hopes that the exchanges could safely resume XRP trading according to attorney Jeremy Hogan who revealed that the Magistrate Judge Sarah Netburn asked the SEC attorney whether people that sold their coins engaged in a sale of illegal securities but the attorney responded that Ripple and its affiliates could face more scrutiny:

 “Now, why is that super important? That means that the exchanges that delisted XRP two months ago were not and would not be violating securities laws if they relisted XRP for sale and began to sell it again.”

XRP surged to 10% and logged an intraday high of $0.568 before correcting lower in the European trading hours on short-term profit-taking sentiment but the token then managed to jump above the crucial descending triangle resistance and raised hopes that it will undergo a bullish breakout move. Technically, the XRP/USD rate fluctuated inside the Symmetrical Triangle range before rising upwards on the charts and the overstretched consolidation period saw traders defending their pair’s bullish bias after facing strong bearish pressure.

The SEC news favored the bullish bias and raised the prospects of XRP rising by as much as the uptrend which appeared before the Triangle pattern, setting the coin en route to $1. Xrp hits one-month high as one analyst noted:

 “It’s almost time for XRP. Target: $1.4.”

Ripple’s lawyer’s bullish signal doesn’t bode well unless the exchanges confirm re-listing of the token itself so the court proceedings haven’t said anything more about the crypto’s legal status and therefore XRP is rising on hopes that there will be re-listings.