• Of lately, crypto investors from South Korea have been showing growing interest in XRP, especially from Gen Z.
• XRP’s price is encountering resistance at $0.5752; a successful breach of this barrier could propel the altcoin towards its August peak of $0.6840.

After crashing down to a low of $0.47 last week, Ripple’s native cryptocurrency XRP has bounced back above $0.50 and holding steadily above it. XRP is once again catching up steam amid its growing popularity in South Korea.

Remember, South Korea contributes to huge trading volumes in the global crypto space and one of the major drivers behind the 2017 bull run. XRP’s price is potentially set for a 55% surge due to two positive factors. The first is the strong inclination of South Korean investors towards XRP, coupled with significant developments in the ongoing SEC vs. Ripple legal case. These factors are anticipated to contribute to a short-term upswing in XRP’s value.

A recent survey conducted in South Korea unveiled XRP’s popularity within the Gen Z demographic. Impressively, over half of South Korea’s copy traders and 20.7% of Gen Z investors favor XRP, according to the survey conducted by Seoul-based media agency, News1 Korea.

Initiating a relief rally, XRP’s price has surged by 24.5%, rising from $0.4259 on August 17 to $0.5316 as of the current moment. This resurgence is primarily attributed to the increasing adoption of the altcoin within the Korean trading community, including copy traders. Additionally, significant advancements in the ongoing SEC vs. Ripple legal dispute have contributed to this positive trend.

Ripple vs SEC Developments, XRP Price

The court has granted approval to the Securities and Exchange Commission (SEC) for their motion for an interlocutory appeal in the SEC vs. Ripple legal case. Both the SEC and Ripple have informed the judge about their availability for trial. The XRP holder community is now awaiting the SEC’s filing of the interlocutory appeal, which is the upcoming pivotal event in the SEC vs. Ripple lawsuit.

The SEC’s perspective on XRP and their appeal to the court could play a determining role in the lawsuit’s trajectory, potentially impacting the direction of the case and influencing the price of the altcoin in the process.

XRP’s price is encountering resistance at $0.5752; a successful breach of this barrier could propel the altcoin towards its August peak of $0.6840. To affirm the upward trend, XRP’s price must surpass the high of July 19 at $0.8193, indicating a potential 55% surge for the altcoin.

Two indicators bolster the bullish outlook: the RSI pointing upwards and the green bars in the AO histograms, signifying increasing momentum.

Should the price experience a decline, XRP might find support at $0.5048 before potentially testing the $0.4191 support level. Such a move would signify a 20% decrease in XRP’s price.