XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit


  • XRP price climbed to $0.5627 on Monday, yielding over 6% weekly gains for holders. 
  • SEC v. Ripple lawsuit’s remedies-related discovery phase is drawing to an end on February 20. 
  • Ripple whales have consistently accumulated in the past month; retail investors and small wallet holders shed their XRP holdings. 

XRP price is $0.5593 on Monday, the altcoin has yielded nearly 6% weekly gains for XRP holders in the past week. The Securities and Exchange Commission (SEC) lawsuit against Ripple has a key deadline on February 20 and it will enter a new phase, with the end of remedies-related discovery, a phase in which there is formal exchange of information. 

Also read: XRP price could climb to $1 target if Ripple scores another win in SEC lawsuit

Daily Digest Market Movers: SEC v. Ripple lawsuit enters new phase on February 20

  • SEC v. Ripple lawsuit will see a formal end of its remedies-related discovery phase on February 20. 
  • The payment remittance firm had requested the court for a one week extension of the deadline, the initial deadline was February 12. 
  • The presiding Judge granted the request to allow Ripple to take additional time to compile the information requested by the SEC, regarding post-complaint (post lawsuit) institutional sales of XRP. 
  • February 20 marks a key date in the SEC v. Ripple lawsuit and XRP holders are in anticipation of the next steps in the legal battle. 
  • Typically, post the discovery phase, both sides are either in agreement of strengths and weaknesses of each side and enter settlement talks or summary judgements or proceed to a trial that involves additional expenses and risk. 
  • XRP’s large wallet holders have consistently added the altcoin to their holdings in the past month, according to data from crypto intelligence tracker Santiment. 
  • Small holders and retail investors have shed their XRP holdings in the same timeframe, as seen in the chart below. 

XRP

XRP holdings of investors in different segments. Source: Santiment 

  • In the past week there has been a decline in whale transactions valued at $100,000 and higher and profit-taking by large wallet investors has slowed down, according to the Network Realized Profit/Loss metric by Santiment. 
  • These on-chain metrics paint a bullish picture for XRP price, the altcoin is likely to continue climbing higher in the coming weeks. 

Technical Analysis: XRP price likely to rally to $0.60 in its uptrend

XRP price is in an uptrend that started at the end of January 2024. XRP price rallied to a high of $0.5627, early on Monday and the asset is likely to continue its climb towards the psychologically important level of $0.60. 

XRP price faces three key resistances in its uptrend, at 50% Fibonacci retracement of the decline from the January 2024 high, at $0.5629, 61.8% Fibonacci retracement at $0.5812 and the $0.60 level. 

The Moving Average Convergence/ Divergence (MACD) indicator shows green bars, signaling that there is positive momentum. XRP price uptrend is likely intact, according to green bars on the Awesome Oscillator (AO). 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below the 38.2% Fibonacci Retracement level could invalidate the bullish thesis and signal that a sweep of the $0.5446 low is likely before XRP resumes its climb towards $0.60. 

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.


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