Should I buy Ripple? WSB sends XRP 90% higher

Ripple (XRP) price is trading over 40% higher at the moment after it initially exploded 90% to tit a 5-week high.

Fundamental analysis: Ripple responds to SEC lawsuit

In December, the US Security and Exchange Commission (SEC) filed a lawsuit against Ripple over the alleged violation of federal securities laws in selling the XRP cryptocurrency to retail consumers.

A month later, Ripple hits back. The company sent a preliminary response to SEC asking the regulator to explain how is XRP not security, while BTC and ETH are?

It adds that the SEC complaint is “full of cherry-picked quotes taken out of context,” as the company seeks more information. 

Technical analysis: WSB at work?

Given that Ripple’s statement came out yesterday and yielded a mini-rally in the XRP, it is likely that today’s explosive move in XRP is a product of WSB investors going back to work. As a group of investors that is fighting the establishment, they may have picked the XRP as Ripple is fighting the SEC in courts. 

In any case, the XRP price soared about 90% today to hit $0.5157, which is the highest price traded in the past 5 weeks. The price action has pulled back in the most recent hours on profit-taking activity. Any daily close above $0.37 will be seen as an opportunity to buy Ripple as the old resistance becomes support.

Summary

Ripple price is trading over 40% higher at the moment after it soared about 90% on WSB support.