Is Ripple setting the stage for a win against the SEC: What to expect from XRP price?
- Ripple Chief Legal Officer said a summary judgment is expected any day now and a win in the lawsuit would allow the payment giant to expand.
- Brooks Entwistle, Managing Director of Asia Pacific region at Ripple revealed that the giant is in discussion with at least 20 central banks regarding CBDCs.
- XRP bulls are eyeing a comeback to the November 2022 level of $0.41, in the altcoin’s uptrend.
Ripple’s Chief Legal Officer expects the payment giant’s win in the US financial regulator’s lawsuit against the cross-border settlement firm. Ripple is gearing up to assist central banks across 20 countries in their Central Bank Digital Currency (CBDC) rollout.
XRP price could stand to gain from the payment giant’s win in the SEC vs. Ripple lawsuit.
Also read: Will Ethereum’s ERC-4337 deployment catalyze ETH price recovery after Silvergate FUD?
Ripple is gearing up for win against US Financial Regulator SEC
The SEC vs. Ripple lawsuit has dragged on since 2020, with many twists and turns, some in favor of the payment giant. Ripple is now confident of a win against the US financial regulator. Stuart Alderoty, the Chief Legal Officer of Ripple said that a summary judgment is expected any day now.
The cross-border remittance firm has expansion plans once Ripple puts the lawsuit behind it. Sources close to the matter revealed Ripple’s interest in aiding the roll-out of CBDCs for central banks worldwide.
According to a Bitcoinist report, CBDCs are a key focus for the payment giant in 2023 and Brooks Entwistle, Managing Director of APAC reaffirmed this stating that Ripple is a solution provider to which central banks and authorities can turn.
In the 200-plus countries, there are several central banks that have different needs for CBDCs. Entwistle confirmed that Ripple is already in talks with over 20 central banks worldwide.
Ripple’s expansion plans are in place for a win in the SEC lawsuit.
What to expect from the XRP price?
XRPLedger’s native token XRP is currently trading sideways after a long-term downtrend. XRP bulls consider the November 2022 level of $0.41 key for the altcoin and the bulls could push the asset to its target, once it begins recovery.
XRP has traded sideways in a support zone from $0.37 to $0.41. A close above this level could affirm the bullish thesis and push XRP closer to its resistance at 61.8% Fibonacci Retracement at $0.42, $0.43, and the 78.6% Fibonacci Retracement at $0.46.
XRP/USDT 12H price chart
As seen in the chart above, the Relative Strength Index (RSI) is close to the oversold region. RSI currently reads 36.12. There is no clear bullish/ bearish divergence in RSI.
XRP’s bullish thesis would be invalidated if the asset nosedives to the 23.6% Fibonacci Retracement level at $0.34.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
