XRP price eyes rally to 2024 peak, holders await new developments in SEC v. Ripple lawsuit
- XRP price increases slightly on Tuesday February 20, climbing to $0.5741.
- The remedies phase of the SEC v. Ripple lawsuit begins on Wednesday and discovery is expected to end.
- New information in the SEC lawsuit could influence the outcome of the legal battle between the two parties.
XRP price climbs to a high of $0.5741 on Tuesday, rallying towards its $0.60 target. The altcoin is in an uptrend, as the SEC v. Ripple lawsuit enters a new phase in its legal battle, known as "remedies". The remedies phase could result in a declaratory judgment on the issue before the court, damadges being awarded and or sanctions being imposed.
In Judge Torres' original ruling, Ripple was in violation of securities law only in sales to instiutional clients, not to retail investors, and it is still possible new evidence from the financial statements and institutional sales contracts shared by Ripple, could come to light and influence the outcome of the SEC v. Ripple lawsuit.
Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit
Daily Digest Market Movers: Key deadline in SEC v. Ripple lawsuit, new information to surface
- As the remedies-related discovery phase draws to an end, it is likely that new information surfaces in the legal battle between the SEC and Ripple.
- The regulator has asked for Ripple’s financial statements and the post-complaint (post SEC’s lawsuit) institutional sales of XRP.
- The information from these documents could influence the SEC’s ask in terms of a fine if there is a breach of securities laws and the overall outcome of the lawsuit.
- The deadline is Tuesday, February 20, the legal battle enters a new phase of “remedies.”
- Ripple’s partial win in the legal battle pushed XRP price to its 2023 peak, therefore, XRP holders have their eyes peeled for the outcome of the remedies-related discovery phase as it draws to a close.
Technical analysis: XRP price could rally to its 2024 peak of $0.6405
XRP price is currently in an uptrend. The altcoin eyes its 2024 peak of $0.6405 as a target for its rally. XRP price could face resistance at the 78.6% Fibonacci retracement of its decline from its 2024 peak, at $0.6073.
The Moving Average Convergence Divergence (MACD) indicator and the Awesome Oscillator (AO) both support XRP’s uptrend and signal that there is positive momentum.
XRP/USDT 1-day chart
In the event of a decline in XRP price, the altcoin could sweep support at $0.5248 before bouncing back above the 38.2% Fibonacci retracement at $0.5446 and re-attempting a rally to $0.6405.
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.
