FX.co ★ Whales push XRP to all-time high as Ripple sees progress in SEC's lawsuit

There has been lingering uncertainty in the cryptocurrency market recently. Like bitcoin, most altcoins have traded sideways. Meanwhile, XRP has been the only token moving on its own terms. It has approached a turning point in its history since 2018.

The altcoin faded into the background and its investment attractiveness decreased sharply amid Ripple's legal battle with the SEC. Nevertheless, the asset has maintained its place in the top 6 cryptocurrencies, and investors have been using the coin for long-term trading. The token trades at $0.79 on February 21 with a daily trading volume of $4 billion.

XRP has traded higher over the past six months, setting a record in the number of active users. The cryptocurrency has been mainly used to carry out transactions in South Africa thanks to Ripple's protection. However, the coin cannot show its full potential due to the uncertainty surrounding the asset amid the legal brawl with the SEC.

However, the climax of the legal battle between the regulator and Ripple is closer than ever. It is important that the cryptocurrency gets the advantage that could put an end to years of litigation. The court has ordered the SEC to provide legal briefs as evidence in the case. There are now two documents showing that XRP is classified as a non-security. This important evidence can be a potentially decisive factor in the case.

As Ripple is seeing good progress, the whales have pushed the total amount of XRP to a new all-time high, which indicates mounting demand for the coin and its high growth potential. Like the whales, retail investors have expressed a keen interest in the token. The number of unique addresses in the XRP network remains around 100,000. These factors reflect a lively interest in XRP and Ripple's projects among different categories of investors, which, in turn, signals the likelihood of a bullish rally as the judge delivers the final verdict.

Technically, XRP/USD is now in a prolonged accumulation stage after it has hit the swing high of $0.9. The asset is hovering in the range between $0.92 and $0.74. Technical indicators are mixed. The Stochastic moved down, showing a decrease in buyer's activity and a lack of bullish impulse. The MACD and the RSI are moving in the safe zone, signaling continuing consolidation.

According to the daily chart, XRP/USD might leave the narrow range shortly. XRP is likely to add gains no matter what limit of the range is broken. The SEC-Ripple litigation is at its final stage and the market knows it. Therefore, a strong reaction will follow in any case. The SEC should provide legal briefs by February 28 and the judge will then retire to consider the verdict. In the spring of 2022, XRP/USD is expected to trade in the range between $1.0 and $1.4. Its long-term growth potential will depend on fundamental factors and bitcoin.