Ripple’s Legal Chess Game: What’s Next for XRP?

    XRP, Ripple’s digital asset, has encountered a tumultuous journey in recent years, grappling with legal uncertainties and fluctuations in the crypto market. Despite a lack of significant updates in the SEC v Ripple case, the uncertainty surrounding the case’s outcome persists, keeping investors on edge.

    Ripple and the SEC seem increasingly disinclined to settle, raising the specter of a potential SEC appeal regarding the Programmatic Sales of XRP ruling. With new proposed deadlines extending to March 22, 2024, for the opening brief, April 22, 2024, for Ripple’s remedy objection, and May 6, 2024, for the reply brief, the legal saga shows no signs of abating.

    XRP under selling pressure?

    The XRP community voices frustration over the SEC’s delays, apprehensive about potential impacts on XRP’s performance, especially amidst expectations of a bull run following Bitcoin’s mid-April halving event. Despite other cryptocurrencies surging, XRP’s price has remained relatively stable over the past two years.

    While some, like Moon Lambo, suggest the SEC may not challenge the ruling that XRP is not a security, others, like Bill Morgan, stress the importance of addressing broader legal issues surrounding XRP’s status, its availability on US exchanges, and Ripple’s operational freedom with the asset.

    Ripple lawsuit to end soon?

    Morgan underscores that resolving the Ripple-SEC lawsuit is pivotal for XRP’s future, extending beyond its security classification. Legal clarity and operational independence are crucial for XRP’s availability on US exchanges and Ripple’s operational capabilities, key to unlocking its true potential and achieving new all-time highs.

    While debates persist regarding the lawsuit’s impact on XRP’s price, investors seek legal clarity and operational independence for Ripple and XRP, anticipating a boost in XRP’s value. Recent momentum, fueled by Bitcoin’s market strength, has seen XRP rise by 15% last week, climbing 1.6% to $0.60 in 24 hours.

    Surprising many by breaking above key technical levels, XRP is challenging a long-standing downtrend. Bulls are eyeing to overcome resistance between 68 to 73 cents, with a breach of 70 cents potentially propelling XRP towards its all-time high of $1.90, particularly with a favorable SEC judgment. However, maintaining support at 58 cents is crucial for sustaining bullish momentum.

    With improving metrics and growing speculative interest, XRP appears poised for a resurgence, potentially reclaiming its spot in the crypto market’s top 10.

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