The operator Altstreet Bets has sharing the chart below to indicate that the price of XRP could go to $ 3 “no resistance”. The trader has pegged support at $ 1.10 and $ 1.72 and believes XRP could target $ 8.49 in the long term.
There are many factors contributing to the recent performance of XRP. Great investor interest in South Korea, buying the token for a premium, and a new use case for XRP.
In the legal arena, operator King Solomon has been bullish on recent developments by the Securities and Exchange Commission against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen are suing.
Filed for the alleged sale of an unregistered security, things appear to be going in the payment company’s favor.
Researcher Leonidas Hadjiloizou showed the position of international institutions on XRP. The Bank for International Settlements, in a report, said XRP is “certainly not a security.” Hadjiloizou mentionned:
Would Jay Clayton lobby to take legal action against Ripple as he stepped out if he thought the SEC would take action after he left anyway? I don’t think he would. This is one of the reasons I think this lawsuit is unwanted by the SEC and will settle it if it can save face.
While the legal dispute is far from over, sentiment over the outcome is bullish in the crypto market. King Solomon mentionned:
Moreover, the case appears to reveal that former SEC executives are placing personal gain above the welfare of the nation. When the agency repeatedly asserts in filings and hearings that “the SEC is not on trial here,” it is almost certain that the opposite is true.
XRP uses DeFi extended cases
Interoperable Solution Wanchain announced that XRP will be integrated into its platform alongside Ethereum, Bitcoin, EOS and others. By leveraging “Wanchain Universal Multichannel Bridges”, users will be able to exchange cross-chain enabled XRP tokens.
From now on, XRP holders can start winning with Wanchain DeFi protocols like WanSwap, the platform’s native decentralized exchange. The Wanchain team said in an official message:
XRP holders can now safely use their XRP to mine, mine and provide liquidity rather than just leaving their tokens, idle, in wallets and exchanges. XRP tokens can now, finally, engage with DeFi applications and reach their full potential.
Wanchain users will have at their disposal a native wallet and a Wanbridge website where they can send and receive cross-chain XRP.
To do this, the platform “converts” the token on the XRP ledger and, in Ethereum’s case, hits an ERC-20 token called wanXRP. All transactions using Wanchain are free.