- XRP’s price increase to $0.5338 reflects optimism over the extension granted for discovery related to remedies.
- The prediction of a settlement in the SEC vs. Ripple case and technical analysis suggest a possible upside to $0.6012.
The price of XRP has seen a surge to $0.5338 this Wednesday, reaching nearly 5% weekly gains for holders. This rise in XRP’s value is attributed to two key developments related to Ripple, the entity behind XRP.
The first factor is Ripple’s request to extend the discovery deadline related to measures by one week, a request that was granted by the court. This extension gives Ripple more time to prepare and possibly negotiate a settlement.
The second driving factor is the possibility of a settlement in the SEC’s case against Ripple, anticipated by crypto attorney James Murphy during his recent appearance on the “Thinking Crypto” podcast.
Murphy speculates that a settlement is feasible in 2024, coinciding with an election year, suggesting that changes in SEC leadership could benefit the outcome of litigation for Ripple.
Additionally, attorney Fred Rispoli has reflected on the consequences of the SEC’s lawsuit against Ripple, noting that the U.S. regulator will likely appeal the ruling in the case, which could prolong the outcome of the litigation until mid-2026. Rispoli emphasizes that the SEC’s actions could limit Ripple’s institutional activities, putting a lot at stake for the payments company.
From a technical analysis perspective, it is anticipated that the XRP price could advance approximately 6% towards a barrier at $0.5629, which aligns with the 50% retracement from the 2024 high to the Jan. 31 low .
If XRP price gets a daily candle close above the barrier at $0.5629, it could move towards its second barrier at $0.6012. Technical indicators, such as the green bars on the Awesome Oscillator (AO) and Moving Average Convergence/Divergence (MACD), support the upside in XRP price.
These developments indicate a period of optimism for XRP as decisive legal and technical events unfold that could shape the future direction of Ripple and its currency. The possibility of a settlement with the SEC, coupled with positive technical analysis, offers an encouraging outlook for Ripple and its XRP token in the near to medium term.
During the development of this article, the price of XRP is trading at $0.53, up 6.07% in the last 7 days.
