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Ripple vs SEC Signals XRP Climb To $10? – Crypto News

Published

1 year ago

May 8, 2024

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XRP price prediction: The Ripple vs SEC lawsuit completed the last stage of the remedies’ phase on May 6 as the Securities and Exchange Commission (SEC) filed its reply to Ripple’s arguments on May 22.

Meanwhile, prices in the crypto market remained shaky despite clawing back the losses from last week’s sell-off. The price of XRP rebounded from $0.4786—a recent bottom topping out at $0.57. However, the high volatility in the market curtailed further movement, favoring a correction to $0.5415—the current market value.

What’s Next In The Ripple Vs SEC Lawsuit

Following the submission of the last response from the SEC, the lawsuit entered its homestretch. While the documents filed by the agency remained sealed, the court is expected to release to the public redacted versions on May 8.

Based on the timelines provided, experts predict that the presiding Judge Torres could give the final ruling in the third quarter of the year around September.

While the finish line for the longstanding court battle seems nigh, it might not end there due to a potential appeal. At the same time, there is a probability for the two conflicting parties to agree on a settlement, thus bringing the matter to rest before the ruling.

Investors have shown their resilience to stick with XRP with some optimistically looking forward to a larger breakout in the token’s value later in the year.

A ruling favoring Ripple could bring significant attention to XRP whose secondary sales were deemed not to be securities last July. Ripple is yet to clear its name with the SEC seeking a hefty $2 billion penalty for the company’s alleged violation of US securities laws particularly for direct sales of XRP.

The previous partial win propelled XRP to $0.93 but failed to clear the psychological barrier at $1. Investors are currently looking forward to a major boost in the uptrend eyeing all-time highs at $3.4 and a subsequent parabolic rise to $10.

XRP Price Prediction: Navigating Market Doldrums

XRP price affirms the bullish thesis with a buy signal from the Moving Average Convergence Divergence (MACD) indicator.

The immediate support at $0.5315 has been reinforced by the 20-day Exponential Moving Average (EMA) (in blue). This region also coincides with the descending pattern’s upper boundary level, now support.

XRP price prediction chart | Tradingview

Two key levels will determine XRP’s short-term direction, where a break above the 20-day EMA and the 200-day EMA could encourage more people to buy the token anticipating a rebound to above $0.6 and $0.7.

On the other hand, losing $0.5315 support could invalidate the uptrend, favoring a pullback to $0.5. XRP’s position below two key moving averages is also a red flag—one traders must watch out for.

Should losses continue below $0.5, XRP price may have no option but to seek liquidity at $0.48 or $0.45 as potential pressure on the sell side intensifies.