Potential Breakthrough for Ripple’s (XRP) in 2024 if SEC Investigation Eases its Control
In February, bitcoin (BTC) and ethereum (eth) had a successful month, reminiscent of their impressive runs in 2020 and 2022. BTC reached $64,000 before experiencing a small pullback, while ETH crossed the $3,400 mark. Experts attribute this recent rally to supply-demand dynamics, as well as the inflow of over $2 billion into Bitcoin ETFs and the anticipation of Bitcoin’s halving event in April.
However, lurking in the background of this market optimism are crucial dates in Ripple’s (XRP) legal battle with the SEC. The outcome of these legal proceedings could set a precedent that impacts other digital assets. Despite the lawsuits, XRP is approaching its 2024 high, and the market eagerly awaits the court’s ruling on the SEC’s request and the upcoming class action lawsuit trial scheduled for April 15, 2024. This anticipation adds intrigue to the market’s positive state.
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Ripple’s (XRP) Legal Clash: A Turning Point for Crypto Regulation
Both the SEC and Ripple (XRP) are preparing remedy-related briefs with a deadline of March 13, potentially extended to March 22. The SEC is currently dealing with the effects of the 2023 ruling on Programmatic Sales of XRP, where Judge Analisa Torres concluded that these sales did not meet the criteria of the Howey Test. On the other hand, Ripple (XRP) is preparing for the Oakland civil class action lawsuit trial, scheduled for April 15, 2024. Attorney Fred Rispoli suggests that the judgment in this case can directly impact the SEC vs. Ripple lawsuit.
The outcome of the SEC’s appeal regarding the Programmatic Sales ruling may affect XRP’s market position in the USA. Additionally, the SEC’s consideration of punitive disgorgement may discourage other crypto entities from challenging its authority. However, the ongoing investigation by the Office of Inspector General into alleged internal conflicts of interest could hinder the SEC’s actions. If the OIG weakens the SEC’s regulatory stance, Ripple (XRP) stands a great chance of winning, as the SEC is likely to halt its plans to appeal the Programmatic Sales ruling. This would allow Ripple to aggressively target the U.S. market and open doors for ETF issuers to explore XRP-spot ETFs.
Market dynamics are closely tied to these legal events, as evidenced by XRP’s price sensitivity to related news and developments. Ripple CEO Brad Garlinghouse’s cautious comments on potential BlackRock involvement with XRP-spot ETFs have sparked investor interest. This situation mirrors the increase in XRP’s value following rumors of a BlackRock iShares XRP Trust in November.
As the SEC vs. Ripple (XRP) case enters the discovery phase, it remains the center of investor attention, along with other key legal battles such as the SEC vs. Coinbase. The outcome of Coinbase’s Motion to Dismiss, supported by senators like Cynthia Lummis and Kirsten Gillibrand who advocate for clearer and more balanced crypto regulation, could further shape the regulatory landscape and the viability of an XRP-spot ETF market.
Ripple (XRP) Technical Analysis
Currently, Ripple (XRP) is trading between its first support level at $0.5087 and its first resistance level at $0.6449.
Source: TradingView
The Exponential Moving Averages (EMAs) provide a nuanced view: the 10-day EMA at $0.568 and the 50-day EMA at $0.5542 are both closely aligned below the current price, suggesting a recent uptrend, while the 200-day EMA at $0.56 hovers around the same range, indicating some stability in the longer term.
The Stochastic %K at a low 16.71 and the Average Directional Index (ADX) also at 16.71 suggest a lack of strong momentum in either direction, implying a phase of consolidation or indecision in the market.
However, the Relative Strength Index (RSI) at 65.14 leans towards the higher end, hinting at potential overbought conditions, which could lead to a price correction.
The Commodity Channel Index (CCI) at 158.78 points to a recent bullish trend, while the MACD Level at 0.011 and Momentum at 0.029 reinforce this positive outlook, albeit with caution due to the potentially overbought conditions indicated by the RSI.
Ripple (XRP) Price Forecast
Looking at the possible future trajectories for XRP, the bullish scenario would involve breaking past $0.6449 and aiming for the next levels at $0.7036 and $0.8399. This would be fueled by favorable legal outcomes or broader market trends.
On the other hand, a bearish turn could see Ripple (XRP) retracting to test $0.5087, followed by support levels at $0.4311 and $0.2948. A bearish trend could be triggered by negative news or a broader market downturn, and the proximity of the EMA values suggests that any downward movement could be swift and decisive.
Closing Words
Ripple (XRP) is currently involved in two regulatory battles, the outcomes of which are eagerly anticipated for their impact on XRP and the precedents they may set for the entire crypto market. With crucial dates approaching for its legal battle with the SEC and the Oakland civil class action lawsuit, Ripple’s (XRP) fate hangs in the balance. XRP’s current trading position, hovering around $0.6, reflects a market that is cautiously optimistic yet prepared for volatility depending on the upcoming legal decisions and their effects on the crypto landscape.
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