Small Lawsuit Wins Pushes XRP Price Back to 2018 Highs; Pullback Ahead?

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Key XRP Outlook XRP almost hits $1.5 for the first time since January 2018. The upside boost comes in the wake of small legal wins for Ripple Labs as it battles the US Securities and Exchange over a lawsuit. Technically, the Ripple token has climbed to overvalued levels, requiring a neutralizing price correction. XRP, the de-facto settlement token atop the Ripple blockchain, has become traders’ eye-candy all over again after a series of blunders. The cryptocurrency surged by up to 780 percent after bottoming out at $0.17 in December 2020, hitting almost $1.50 on the BitStamp exchange, its highest since January 2018. Meanwhile, on a year-to-date timeframe, it was up 591 percent as of this week’s open. In retrospect, the recent gains in the XRP market come on the heels of two main factors: a technical undervaluation and some legal wins. Why is the Ripple Token Exploding? XRP started climbing…

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