Ripple Lawyer Predicts XRP Price will Reach All-Time High (ATH) in Spite of Ripple Vs. SEC Lawsuit
XRP, the digital currency native to the Ripple blockchain, has faced numerous challenges in recent years, including legal uncertainties and fluctuations in the cryptocurrency market. Despite no significant updates in the SEC v Ripple legal case on Friday, there is still a cloud of uncertainty hanging over the final outcome of the case.
The legal battle between Ripple and the SEC is becoming less likely to settle as time goes on, increasing the risk that the SEC may appeal the ruling regarding the Programmatic Sales of XRP. The SEC has proposed new dates, pushing back the deadline for the opening brief to March 22, 2024, and requesting an extension for Ripple’s remedy objection deadline to April 22, 2024. Additionally, the SEC has asked to move the reply brief date to May 6, 2024, from April 29.
The XRP community is frustrated with the SEC’s delays, as they fear it may impact XRP’s performance during the expected bull run after the Bitcoin halving event in mid-April. Despite this, XRP’s price has remained relatively stable for over two years, unlike other cryptocurrencies that have experienced significant surges.
Experts have been trying to decipher the SEC’s stance on the matter. A recent tweet by Moon Lambo shed some light on the SEC’s position, suggesting that the regulatory body does not intend to challenge Judge Torres’s ruling that XRP is not a security. However, Bill Morgan emphasized the importance of resolving the broader legal issues surrounding XRP, including its status, availability on US exchanges, and Ripple’s operational freedom with the asset.
According to Bill Morgan, the stakes are high for XRP and go beyond its security status. He emphasizes the need to conclude the Ripple-SEC lawsuit in order to ensure XRP’s availability on US exchanges and safeguard Ripple’s operational capabilities. He believes that these steps are crucial to unlocking XRP’s true potential and paving the way for unprecedented growth, potentially reaching new all-time highs.
The impact of the lawsuit on the XRP market has been a topic of discussion. Some argue that the market has already taken into account the lawsuit’s effect on XRP’s price by early 2021, while others believe that a settlement is necessary to unlock the cryptocurrency’s full potential. Market participants desire legal clarity and operational independence for Ripple and XRP, which could potentially boost XRP’s value.
In the meantime, XRP, currently the sixth-largest cryptocurrency, has recently experienced gains due to the strength of the Bitcoin market. It rose by 15% last week, raising hopes for further gains. In the past 24 hours, XRP has increased by 1.6% to $0.60.
XRP’s price has recently broken above important technical levels and invalidated a long-standing downtrend. Bulls are now in control, with the aim of challenging resistance levels between 68 and 73 cents. If XRP surpasses 70 cents, it could rally towards its all-time high of $1.90, particularly with a favorable judgment from the SEC. However, maintaining support at 58 cents is crucial for sustaining its bullish momentum. With improving metrics and growing speculative interest, XRP appears to be poised for a comeback in the top 10 of the cryptocurrency market.
Tags: Ripple (XRP)