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Beyond Ripple vs SEC Case, Will XRP Reach ATH Again? – Crypto News

Published

1 year ago

July 23, 2024

Dripp

The court battle between Ripple and the Securities and Exchange Commission (SEC) is expected to end soon. XRP put up its best performance since April last week amid rising optimism for a settlement. However, the current XRP price prediction casts a doubt on the uptrend’s continuation.

Several factors will affect XRP price movement in the coming weeks and possibly months, including the Ripple vs SEC lawsuit which recently entered the trial stage.

Factors like the general sentiment in the market could either bolster or limit price action. Like Bitcoin, Ethereum, and other cryptocurrencies, XRP responds to inflation, geopolitical forces, and other internal fundamentals.

Is Ripple-SEC Settlement On The Cards

The CEO of Ripple, Brad Garlinghouse recently opined that the longstanding legal battle with the SEC will soon conclude. Following the comments made during a Bloomberg interview, XRP price leaped to $0.63 alongside increased network activity.

Garlinghouse did not comment on whether Ripple is seeking a settlement with the SEC. A closed-door meeting between the agency and the blockchain company last week was rescheduled to July 25.

Legal experts cautioned against speculation as this could be another of the many routine closed-door meetings between the two parties.

Nevertheless, Garlinghouse assured the community that the case was coming to an end “very soon.”

Stuart Alderoty, the company’s chief legal officer affirmed in a post on X that even though the case is not decided, the ruling in July 2023 which determined that XRP is not a security token is not going to change.

“While our case as a whole isn’t fully over, the Court’s ruling that XRP is not a security will not change,” Alderoty wrote.

As for the closed-door meeting on July 25, the regulator’s website highlights the key agenda to be discussed including “institution and settlement of administrative proceedings, resolution of litigation claims,” among other matters relevant to the case. There is no mention of settlement talks, further squashing optimism among traders.

XRP Price Prediction: Where To After $0.6 Rejection?

The Ripple vs SEC lawsuit is important to the XRP community and the larger crypto industry. A win for Ripple is a win for the cross-border money remittance token and other cryptocurrencies on the SEC’s radar like Solana (SOL), Cardano (ADA), and Polygon (MATIC).

Amid the speculations and loss of momentum from last week’s $0.63 peak, XRP price prediction suggests fresh headwinds at $0.6. The 38.2% Fibonacci retracement level backs the seller congestion in this area.

Therefore, to guarantee a bullish outcome, bulls must push to reclaim $0.6 as support. Traders can then place buy orders above this support anticipating a breakout to past $0.7.

XRP price prediction chart | Tradingview

Several technical factors reinforce the short-term bullish outlook including two golden cross patterns. The appearance of these patterns validates the uptrend.

A daily close above 38.8% Fibonacci will go a long way to encourage traders to buy XRP and contribute to the tail force.

Conversely, traders should keenly watch out for a potential sell signal from the Moving Average Convergence Divergence (MACD) indicator.

The XRP price prediction points to a continued fall below the pivotal $0.6, some traders may reconsider, liquidating their current longs in favor of shorts and pushing for a retest of $0.55 support.

Frequently Asked Questions (FAQs)

There’s no evidence that Ripple is considering a settlement with the SEC. However, investors have been speculating a deal could be on the table.

Optimism is mounting for a larger XRP breakout but this will depend on several factors including the determination of the lawsuit, general market sentiment, and fundamental data.

The CEO of Ripple Labs Brad Garlinghouse has opined before that a spot XRP ETF is inevitable. However, such an approval depends on the SEC and possibly the lawsuit.

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