XRP price surges as investors turn bullish on potential SEC vs Ripple settlement
- The Ripple community of holders and investors are awaiting Judge Sarah Netburn's verdict on the SEC vs Ripple case.
- A source close to the SEC believes that the regulator is less likely to achieve its desired outcome.
- Analysts have evaluated the XRP price trend and predicted an uptrend.
The XRP community of investors believe that the defendant is closer to a win in the SEC vs Ripple lawsuit. The altcoin's price has climbed in response to the bullish narrative, while investors await a verdict by Judge Sarah Netburn.
Payment giant closer to win in the SEC vs Ripple case
The XRP community is awaiting a verdict from Judge Sarah Netburn on the SEC vs Ripple lawsuit. Though there is no tentative timeframe for the ruling, proponents believe the case has drawn to a decisive conclusion and the payments giant could win.
John Deaton, XRP holders' attorney, believes that there may be no settlement in the SEC vs Ripple case within the next month. There could be a delay in a ruling; however, attorney Jeremy Hogan argues that early settlement cannot be ruled out.
Hester Peirce, the SEC Commissioner, believes that the regulator may fail to achieve a favorable outcome. This could translate into a win for payment giant Ripple.
XRP buyers are accumulating the altcoin, moving coins off exchanges to private wallets. A whale wallet recently moved $55 million in XRP to an unknown wallet. Despite a slow start in March 2022, the altcoin quickly recovered from crypto bloodshed and posted 5% gains overnight.
The SEC Commissioner's statement fueled investors' optimism. As a higher volume of XRP moves through corridors, it fuels the utility and adoption of the altcoin. Although there is a delay in settlement of the SEC's lawsuit against XRP, there has been a surge in the altcoin's utility and relevance among traders.
Analysts have evaluated the XRP price trend and predicted that the upside is capped at $0.80 as traders await the SEC vs Ripple settlement. FXStreet analysts have noted that Ripple confirmed a bearish Ichimoku breakout on Sunday; however, there was no follow-through as volume participation in altcoins across exchanges dipped.
Analysts at the YouTube channel Crypto Serpent believe that Ripple price could re-test $0.80 and break above the level before further consolidation.
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.
