XRP is up more than 50% over the past few days thanks to positive developments from the Ripple SEC lawsuit

Defense attorney James K.Filan announced To update Lawsuit between Ripple and the SEC. XRP price is trading at $0.88 after skyrocketing by more than 50% over the past few days. The token has rallied for seven straight days after recovering from a low of $0.58 on Feb. 3.

The description of the advice Ripple received in a memo from legal counsel in 2012 could soon be made public thanks to the recent ruling by Manhattan District Judge Analisa Torres.

Ripple had previously sought legal advice from an unnamed global law firm in 2012 when considering launching a new digital currency. Ripple has also received two documents from the law firm examining the legal concerns that may arise from this implementation.

The legal statements contained in the two memos must be unsealed and released by February 17, according to Torres.

In an emailed statement, Stuart Alderoty, Ripple’s General Counsel, said that if the documents are released, they “will show that Ripple received a legal analysis in 2012 that XRP was not the main contract” investment or stocks”.

Some analysts believe that recent developments indicate that the dispute between Ripple and the SEC could be settled soon, leading to the possibility of another upside for XRP price.

In addition, Eleanor Terrett, a journalist at Fox Business Network, has also report about new developments in the case, those involved in the case predicted that it will last until the summer of this year.

XRP is up more than 50% in just 5 days

XRP has started rallying more than 50% in the last 5 days, surpassing Cardano and Sonala in the market cap rankings.

XRP/USD daily chart. Source: TradingView

On February 8th, XRP surpassed the 50-day MA at $0.75 and hit a high of $0.91. The previous resistance has now turned into support with $0.96 and $1 as the next key levels to watch.

The daily RSI has reached the overbought territory (more than 70 points). There is still plenty of room upside, but it is important to exercise extreme caution at current levels. It looks like XRP might break $1 before facing strong resistance. There may be some short-term pullbacks along the way, but overall price activity remains bullish.

The recent bull run has taken XRP’s market cap to over $42.26 billion, overtaking smart contract platforms Cardano (ADA) and Solana (SOL) and climbing to the 6th place in the rankings. XRP is currently second only to Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and USD Coin (USDC).

Cryptocurrency analysis company Santiment notice on Twitter that when XRP was hovering around $0.82 on Monday, it had the same number of daily active addresses as it had in early November when it was valued at $1.18.

Source: Santiment

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page