XRP Rises Exponentially After Deaton Claims Ripple’s 90% Chance of Winning the Lawsuit

Bits Logics Team . 08th Nov 2023
  • XRP ranked third on CoinMarketCap’s trending list after rising exponentially.
  • Lawyer John stated earlier that XRP had 90% chance of winning the lawsuit with the SEC.
  • As XRP has touched the upper Bollinger band and upper trendline, it could retrace.

XRP ranked third on CoinMarketCap’s Trending list after the token gained value almost exponentially throughout the past week.  The token was exchanging hands at $0.6063 when the markets opened for trading for the week. Although it had a dodgy start, XRP recovered later on. XRP reached its maximum price of $0.7281 on the sixth day of the week. 

XRP/USDT 1-Week Chart (Source: CoinMarketCap)

XRP was rising and gaining value until the sixth day. However, after the sixth day, the bulls seemed to have exhausted. As such, XRP started to make lower highs. At press time XRP is trading at  $0.6916 after experiencing an increase of 14% within the last 7 days. 

It is not clear what gave XRP this momentum, however, Attorney John Deaton stated that XRP doesn’t have a 50-50 chance but a 90-10 chance of winning the case with the Securities Exchange Commission.

XRP/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that XRP has been trading inside a bullish flag. However,  XRP has touched the upper Bollinger band while touching the upper trendline. Hence, there is a possibility that the token to retrace toward the lower trendline or the lower Bollinger band. If the lower trendline is unable to hold XRP, then, it could seek support from the $0.4476 support level. 

Nonetheless, XRP also has had the habit of breaking the upper trendline. Hence, if this is an event where XRP breaks the upper trendline, there is a high chance that XRP could reach above $0.90.

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