XRP price could rally towards $0.56 target amidst possibility of settlement in SEC v. Ripple lawsuit
- XRP price climbed to $0.5338 on Tuesday, yielding nearly 5% weekly gains for holders.
- Crypto lawyer James Murphy predicted a settlement in the SEC v. Ripple lawsuit in a recent podcast.
- Attorney Fred Rispoli believes the stakes are high for Ripple as the firm shares details of post-complaint sales with the SEC.
XRP price climbed nearly 5% in the past week and hit a high of $0.5380 this week. The altcoin is currently in an uptrend. Two catalysts are likely driving gains in XRP. The first positive development is Ripple’s request to extend the remedies-related discovery deadline by a week, which was granted by the Court.
The second is the possibility of a settlement in the SEC v. Ripple lawsuit, predicted by crypto lawyer, James Murphy.
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Daily Digest Market Movers: Lawyer predicts settlement in SEC v. Ripple lawsuit
- In his recent appearance on the “Thinking Crypto” podcast, lawyer James Murphy shared his thoughts on the SEC v. Ripple lawsuit.
- The lawyer believes that a settlement is likely between the two parties in 2024, given it is election year.
- Murphy argues that new management could take over the SEC and this could influence the outcome of the SEC v. Ripple lawsuit.
- This is likely a catalyst for XRP holders as the development implies that the lawsuit will end soon.
- Attorney Fred Rispoli recently analyzed the outcome of the SEC’s lawsuit against Ripple and noted that the US regulator is likely to appeal the ruling in the case and an order from the second circuit could push the lawsuit’s outcome to mid-2026.
- Attorney Rispoli believes the SEC’s move could restrict Ripple’s institutional operations and the stakes are very high for the payment giant.
Technical Analysis: XRP price could rally 6%
XRP price climbed to a high of $0.5338 on Tuesday. The altcoin is likely to rally towards resistance at $0.5629, this coincides with the 50% etracement of the decline from 2024 peak to January 31 low.
If XRP price sees a daily candlestick close above resistance at $0.5629, the altcoin could rally towards its second resistance at $0.6012. The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) support XRP price gains.
XRP/USDT 1-day chart
A daily candlestick close below support at $0.4968 could invalidate the bullish thesis for XRP price.
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.
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.
