Ripple vs SEC Lawsuit Intensifies, XRP Price Surges 4.5% Amidst XRPL Plans Unveiling
XRP Price Surges 4.5% to $0.56 Driven by XRPLedger’s 2024 Plans
In an exciting turn of events, Ripple’s digital asset, XRP, has experienced a significant surge of 4.5%, reaching a price of $0.56 within the past 24 hours. This surge can be attributed to recent developments within Ripple, updates on the SEC v. Ripple lawsuit, and the anticipation surrounding the reveal of XRPLedger’s plans for 2024 by Ripple CTO David Schwartz.
Scheduled for February 27, 2024, David Schwartz, the mastermind behind Ripple’s technological advancements, will shed light on the ongoing developments in interoperability and EVM integration within XRPLedger. Developers are particularly eager to learn about smart contract solutions and the convergence of artificial intelligence with blockchain technology on XRPLedger.
The announcement of Ripple’s roadmap for 2024 has sparked enthusiasm among XRP holders, resulting in a recovery from recent losses. This roadmap serves as a guide, outlining Ripple’s strategic vision and generating optimism for the future.
Furthermore, Ripple has formed a strategic partnership with a Silicon Valley-based blockchain and artificial intelligence firm, which aims to introduce multi-asset tokenization on XRPLedger. This collaboration promises to enhance the accessibility and liquidity of cryptocurrencies in the digital asset market.
In other news, the SEC v. Ripple lawsuit is set for a crucial update on March 13, 2024. The SEC is expected to file a remedy-related brief, focusing on punitive penalties related to Ripple’s alleged sale of unregistered XRP to US institutional investors. Ripple is required to respond by April 12, with the penalty likely being tied to the net proceeds from XRP sales to non-exempted US institutional investors.
Taking a closer look at XRP’s price, we can observe a bullish signal in the near term as it hovers above the 50-day EMA. However, it remains below the 200-day EMA, suggesting a bearish long-term outlook. If XRP manages to break above the 200-day EMA, it could potentially reach the $0.5835 resistance level.
On the other hand, a break below the 50-day EMA and the $0.5470 support level may trigger a bearish movement towards the $0.5042 support level. The 14-day RSI reading of 54.24 indicates a potential move towards the $0.5835 resistance level before entering overbought territory.
With XRP recently surpassing the key resistance level of $0.55 and climbing to $0.56, there is a positive shift in the altcoin’s fortunes, signaling a potential recovery from the losses of the previous week. The community remains cautiously optimistic about what the future holds for XRP.