Tokyo, Japan – XRP, the cryptocurrency associated with Ripple, experienced a 5% increase in value over the past week, reaching a high of $0.5380. This upward trend can be attributed to two factors. Firstly, Ripple successfully obtained an extension to the remedies-related discovery deadline, which has been granted by the Court. This positive development has contributed to the overall optimism surrounding XRP. Secondly, crypto lawyer James Murphy has predicted a potential settlement in the ongoing SEC v. Ripple lawsuit.
In a recent appearance on a podcast called “Thinking Crypto,” James Murphy shared his thoughts on the lawsuit and expressed belief in the likelihood of a settlement between the two parties in 2024, given that it is an election year. Murphy also argued that new management taking over the SEC could potentially influence the outcome of the case. XRP holders are hopeful that this prediction signals the imminent end of the lawsuit.
Fred Rispoli, another attorney, has analyzed the potential implications of the SEC’s lawsuit against Ripple. Rispoli suggests that the SEC is likely to appeal the ruling, and a decision from the second circuit could delay the outcome until mid-2026. He emphasizes that Ripple’s institutional operations could be restricted as a result, making the stakes high for the payment giant.
From a technical standpoint, XRP’s price reached a high of $0.5338 on Tuesday, indicating the potential for a 6% rally. The altcoin is expected to face resistance at $0.5629, which coincides with the 50% retracement of its decline from the 2024 peak to the low point in January. If XRP manages to close above this resistance level, it could rally further towards its second resistance at $0.6012. The existence of green bars on the Awesome Oscillator and Moving Average Convergence/Divergence indicators provides further support for potential price gains.
It is important to note that the information presented here contains forward-looking statements and should not be taken as investment advice. As with any investment, thorough research and caution are necessary to make informed decisions. Investing in cryptocurrency involves risks, including the potential loss of principal. The views expressed in this article are those of the individuals mentioned and do not represent the official stance of any publication.