25 February, 2024

XRP Soars Amid Legal Breakthroughs and Settlement Speculation in Ripple-SEC Saga

2 weeks ago

23 Feb, 2024

  • Ripple’s legal victories and the anticipation of a favorable SEC settlement notably increase XRP’s market momentum, driving its price surge.
  • XRP eyes a bullish target of $0.5629, supported by optimistic legal developments and strong technical indicators signaling an upward trajectory.
  • The potential prolongation of Ripple’s legal entanglements could influence XRP’s future, casting a long shadow on its market performance and investor sentiment.

In a recent development, XRP has marked a noteworthy move, registering nearly a 5% increase over the preceding week to touch a peak of $0.5380. Currently on an upward trend, the XRP’s recent increase is attributed to two developments.

A pivotal moment came when Ripple, the blockchain technology behind XRP, successfully obtained a court’s approval to postpone the discovery deadline in its ongoing litigation, adding a week to its timeline. Further buoying investor sentiment is anticipating a potential settlement in the high-profile SEC v. Ripple case, as cryptocurrency legal expert James Murphy forecasted. 

During his recent participation on the “Thinking Crypto” podcast, Murphy speculated on the likelihood of a settlement in 2024, a conjecture tied to the upcoming election year. He posited that a change in the SEC’s leadership could pivot the lawsuit’s trajectory in favor of Ripple, offering a glimmer of hope to XRP stakeholders eager for a resolution.

Amidst this backdrop, Fred Rispoli, another legal authority, provided insights into the lawsuit’s potential ramifications. Rispoli suggested that an appeal by the SEC could prolong the legal battle until mid-2026, highlighting the critical stakes for Ripple, especially concerning its institutional engagements.

On the technical front, the XRP price ascension to $0.5338 signals a potential surge towards the $0.5629 resistance level, aligning with the 50% retracement from the 2024 zenith to the low on January 31. Indicators such as the Oscillator and the Moving Average Convergence lend credence to the bullish outlook, suggesting upward movement toward $0.6012. XRP is trading at $0.5292, marking a 1.91% rise in the last 24 hours and a 5.27% uptick over the past week.

Source: TradingView

Conversely, a decline below the $0.4968 support level could challenge the optimistic approach, underscoring the volatile nature of crypto markets. As XRP navigates through legal and market dynamics, its trajectory remains a focal point for investors and analysts alike, keenly observing the interplay between regulatory developments and market sentiment.