- XRP rebounds with nearly 17% weekly gains amid SEC vs. Ripple lawsuit anticipation.
- Technical indicators suggest a bullish trend for XRP price, with potential for significant recovery.
XRP has recently drawn significant attention after experiencing a price correction from its year-to-date peak of $0.7440. Despite this pullback, the digital currency has managed to yield nearly a 17% weekly gain for its holders.
This surge in investor interest comes ahead of a critical deadline in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, as ETHNews had earlier detailed.
Ripple CEO Discusses XRP’s Value Creation
Brad Garlinghouse, the CEO of Ripple, shared insights on the value creation potential of XRP and its comparison to Bitcoin in a recent Bloomberg Live interview. Garlinghouse pointed out the soaring volumes of Bitcoin ETFs ahead of the much-anticipated Bitcoin halving event.
BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC's lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…
— Brad Garlinghouse (@bgarlinghouse) March 11, 2024
He emphasized that the broader cryptocurrency market tends to echo Bitcoin’s trajectory, highlighting the current bullish sentiment within the crypto ecosystem.
Garlinghouse addressed the speculation around XRP’s potential to emulate Bitcoin’s success. He stated that Ripple’s collaboration with the financial system to address large-scale value transfer problems could unlock significant opportunities for XRP, especially in markets with trillions of dollars at stake. For a deeper dive into these developments, you can check this Youtube video.
Navigating Regulatory Waters
With the impending deadline for the SEC vs. Ripple lawsuit, Garlinghouse reiterated Ripple’s commitment to working with regulators from the outset. The lawsuit’s outcome is poised to have far-reaching implications for the cryptocurrency industry, particularly in terms of regulatory oversight and rule-making authority.
The cryptocurrency exchange Coinbase has also been embroiled in a legal tussle with the SEC. Coinbase’s Chief Legal Officer, Paul Grewal, has openly questioned the SEC’s authority over crypto rule-making. The outcome of this lawsuit could significantly impact Ripple’s legal challenges, given the similarities in the regulatory issues at play.
Today @coinbase filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1/7 https://t.co/v09uE2OHsb
— paulgrewal.eth (@iampaulgrewal) March 11, 2024
Market Anticipation and Technical Indicators
As the March 22 deadline for the disclosure of reports regarding the SEC overhaul approaches, XRP investors are monitoring the situation closely. Currently trading around $0.6981, XRP is teetering near a key support level at the 78.6% Fibonacci retracement mark, according to a JackTheRippler tweet.
#XRP targets the November 2023 peak of $0.75 next! 🚀 pic.twitter.com/PEuYy3Dhq9
— JackTheRippler ©️ (@RippleXrpie) March 13, 2024
Technical indicators, including the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO), suggest a bullish outlook, hinting at the possibility of a strong comeback for XRP.
At the time of writing, the price of XRP had slightly fallen by 0.03% in the last 24 hours, fell to price of $0.6931. But, this represents an increase of 12.94% over the past 7 days.