• 26 May, 2024
News

XRP’s Crossroads: Legal Battle and Bullish Patterns Collide

James K. Filan, a defense lawyer, has shared updates on the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). James reported that Magistrate Judge Netburn has issued a scheduling order addressing Ripple’s Motion to Strike new expert materials submitted by the SEC in support of its Motion for Remedies and Entry of Final Judgment. 

Additionally, a technical analyst known as Charting Guy has seen a possibility for a cup and handle pattern to be formed on the charts of XRP. If the pattern holds, it would mean the bulls are in charge and the market could, perhaps, look forward to a reversal of the current bad legal situation. On the other hand, market players are taking the wait-and- see approach and asking for more proof before making significant maneuvers.

With a $1,318,188,105 daily trading volume, XRP is now valued at $0.529516. Its market capitalization increased by 0.58% over the previous day to $29,191,775,064. XRP has a total quantity of 100,000,000,000, of which 55,129,144,019 are now in circulation. On the 4-hour price chart, the Relative Strength Index (RSI) is 48.98, indicating a neutral attitude among traders and pointing to potential consolidation ahead.

Source: TradingView

Moreover, the Moving Average Convergence Divergence (MACD) on the same chart reads at -0.00131, showing a lack of strong momentum in either direction. This could mean that XRP may trade within a tight range soon as traders wait for a clearer signal before making significant moves.

The ongoing legal dispute involving the SEC and Ripple, combined with the technical analysis of XRP’s price action, suggests that the forthcoming period is crucial for both the cryptocurrency and the legal proceedings.

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