XRP price jumps to $0.62 while Ripple faces pressure from two legal battles
- XRP price climbed to a local peak of $0.62 on Thursday and corrected to $0.59 early on Friday.
- The Zakinov v. Ripple Labs class action lawsuit has a trial scheduled for April 15, 2024.
- Key dates in Ripple’s ongoing legal battle with the SEC and class action lawsuit coincide, making April crucial for XRP holders.
XRP price inched closer to its 2024 high, rallying past the $0.62 level on Thursday. The altcoin was hit by a correction, however, which pulled it back down to the $0.59s early Friday.
Ripple, a cross border payment remittance firm is currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) and a class action lawsuit filed by XRP holders.
Daily Digest Market Movers: Ripple faces class action and key deadline in SEC lawsuit
- The class action lawsuit Zakinov v. Ripple Labs has its trial scheduled to begin on April 15, 2024. The payment remittance firm is also preparing a remedies brief and filing opposition briefs against the SEC in its SEC v. Ripple lawsuit.
- The ongoing legal battles have deadlines and proceedings scheduled through April 2024.
- Attorney Fred Rispoli warned XRP holders participating in the class action lawsuit, of phishing scams.
- Participants in the XRP class action can receive damages if any, once the lawsuit is resolved.
- Further, Attorney Rispoli believes that the summary judgment in the class action lawsuit could influence the outcome of SEC’s lawsuit against Ripple.
This is the class notice for the Oakland civil class action lawsuit against Ripple that was filed long before the SEC filed its case. Summary judgment briefing will be critical for Ripple here as well.
— Fred Rispoli (@freddyriz) February 25, 2024
- Despite Ripple’s lawsuits, XRP price is inching closer to its 2024 peak of $0.64.
Technical Analysis: XRP price inches closer to 2024 peak
XRP price is on track to break past its yearly high of $0.64, if the positive momentum is sustained. The altcoin rallied to a local top of $0.62 on Thursday, before correcting to $0.59 on Friday.
XRP price is in an uptrend that started at the beginning of February 2024. After its recent breakthrough past the $0.60 resistance, a rally to $0.64 and the November 2023 peak of $0.75 has become likely for the altcoin.
The green bars on the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) support XRP price gains.
XRP/USDT 1-day chart
A daily candlestick close below the 61.8% Fibonacci retracement of the decline from the 2024 peak, at $0.581, could invalidate the bullish thesis for the altcoin. After that, however, XRP price could find support at the 50% retracement at $0.563.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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.
