XRP, Ripple’s digital asset, has faced a bumpy ride in recent years, dealing with legal uncertainties and crypto market fluctuations. Despite a lack of major updates in the SEC v Ripple case last Friday, the uncertainty about the case’s outcome lingers.
Ripple and the SEC appear less inclined to settle as time goes on, increasing the risk of an SEC appeal regarding the Programmatic Sales of XRP ruling. New dates have been proposed, pushing deadlines further: March 22, 2024, for the opening brief, April 22, 2024, for Ripple’s remedy objection, and May 6, 2024, for the reply brief.
Market Expectations in Review
The XRP community expresses frustration over the SEC’s delays, fearing potential impacts on XRP’s performance, especially with an expected bull run after Bitcoin’s mid-April halving event. Surprisingly, while other cryptocurrencies have surged, XRP’s price has remained relatively stable over the past two years.
A recent tweet by Moon Lambo suggests that the SEC may not challenge the ruling that XRP is not a security. However, Bill Morgan emphasizes the need to address broader legal issues, including XRP’s status, its availability on US exchanges, and Ripple’s operational freedom with the asset.
Morgan believes that resolving the Ripple-SEC lawsuit is crucial for XRP’s future, extending beyond its security status. It ensures XRP’s availability on US exchanges and safeguards Ripple’s operational capabilities. According to him, these steps are key to unlocking XRP’s true potential and achieving new all-time highs.
Also Read: XRP Price Dips as SEC vs. Ripple Lawsuit Heats Up: Will it Hold Above $0.65?
XRP Stands Strong
Some argue that the market had factored in the lawsuit’s impact on XRP’s price by early 2021, while others insist that a settlement is necessary to unlock the cryptocurrency’s full potential. Investors seek legal clarity and operational independence for Ripple and XRP, anticipating a boost in XRP’s value.
In the meantime, XRP, the sixth-largest cryptocurrency, recently gained momentum due to Bitcoin’s market strength. A 15% rise last week brought hope for more gains, with XRP climbing 1.6% to $0.60 in 24 hours.
Charting the Path Forward
XRP’s price has surprised many by breaking above key technical levels, challenging a long-standing downtrend. Bulls are now aiming to overcome resistance between 68 to 73 cents. If XRP breaches 70 cents, it could rally towards its all-time high of $1.90, especially with a favorable SEC judgment.
However, maintaining support at 58 cents is crucial for sustaining its bullish momentum. With improving metrics and growing speculative interest, XRP seems poised for a comeback in the crypto market’s top 10.
Read More: Ripple vs SEC Lawsuit Unfazed by Coinbase Judgment, Confirms Expert
