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XRP price uptrend supported by bulls as attorneys explore likely settlement with the SEC

  • XRP price printed three consecutive green candles on its daily chart as the altcoin climbed past resistance at $0.50.
  • Lawyers are exploring the possibility of a potential settlement and resolution between the SEC in light of new developments in the Coinbase lawsuit.
  • Attorney John Deaton says if Coinbase’s motion to dismiss is granted, it would indicate that token sales are not subject to US securities laws.

XRP price has tackled resistance at $0.50 as bulls take charge of pushing the altcoin higher. Currently, there are two catalysts likely influencing the altcoin: the possibility of a settlement in the US Securities & Exchange Commission v. Ripple lawsuit and Coinbase’s separate motion to dismiss the lawsuit brought by the financial regulator.

The two catalysts strengthen the bullish thesis for XRP, as analysts set a $0.81 target for the altcoin.

Also read: XRP price could plummet 7% as whales dump their Ripple holdings

XRP price prints steady gains amidst SEC v. Ripple lawsuit developments

Recent developments in the SEC v. Ripple lawsuit are the payment firm’s filing against the regulator, where Ripple argues that the grounds for appeal was “dissatisfaction” with Judge Torres’ ruling.

Lawyers representing the payment firm believe that the regulator’s request for an appeal does not meet the requirements for the same. In their September 1 filing with the US District Court for the Southern District of New York, lawyers said that the appeal lacks “exceptional circumstances required for interlocutory appeal.” 

Amid these developments, lawyers explored the likely settlement between the regulator and payment giant Ripple. Settlement, however, depends on the outcome of a motion filed by one of the largest cryptocurrency exchanges, Coinbase, in a lawsuit brought against the platform by the US SEC.

How Coinbase’s motion to dismiss SEC’s lawsuit fuels bullish thesis for XRP 

In the lawsuit brought by the SEC, Coinbase has filed a motion for dismissal. If this motion is accepted by the court, it is likely to influence the lawsuit against Ripple as well. Pro-XRP attorney John Deaton said, that acceptance of Coinbase’s motion would imply that transactions on exchanges do not fall under US securities laws. 

This ruling is likely to “force” the SEC and Chair Gary Gensler to pivot, thus favoring a settlement in the agency’s lawsuit against Ripple and its executives, according to Deaton.

XRP price eyes $0.8193 target as bulls steer the altcoin higher

XRP price is currently in an uptrend that is likely to continue if the profit-taking appetite of bulls is in check. After printing three consecutive green candles on the daily chart, there is a rise in buying pressure in the altcoin. 

Lockridge Okoth, a technical analyst at FXStreet, has set a $0.8193 target for the altcoin. Okoth believes that once XRP price crosses the hurdles at $0.5667 and $0.6840, a solid move to the $0.8193 level is probable.

XRP/USDT one-day price chart

XRP/USDT one-day price chart on Binance

XRP price needs to sustain its bullish momentum to breach several resistance levels to hit the $0.8193 target. Okoth identified a bullish crossover in the Relative Strength Index (RSI) that adds to the narrative of a sustained uptrend in the altcoin.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.


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Author

Ekta Mourya

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.

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