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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Apr 23, 2024 11:54 UTC
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XRP Price Set to Soar as Ripple Fights Back Against SEC: Victory Soon?
XRP price increased by 2.2% in 24 hours, potentially signaling an end to a consolidation period.
XRP whales have been accumulating coins, and Ripple is optimistic about settling the SEC lawsuit, which could further boost the price.
Ripple is fighting the SEC's request for a $2 billion fine and is proposing a $10 million settlement instead.
Following a brief surge that saw Bitcoin surpass $67k, XRP, supported by Ripple Labs, emerged as the top performer among altcoins in the past day. Market data shows XRP trading at around 55 cents, marking a 2.2 percent increase within the same period.
Bullish Momentum Builds
With a market valuation of approximately $55 billion, XRP has experienced a significant 10 percent surge over the past week, indicating a potential end to the current consolidation phase. This positive trend is supported by XRP’s solid support range between 49 and 62 cents, suggesting the possibility of a notable upward trend soon.
Moreover, there’s a widespread belief that altcoins often follow Bitcoin’s price movements after halving events, adding further confidence in XRP’s potential growth.
There has been notable whale activity, with holders of 10M to 100M units accumulating over 31 million coins in the past week, as observed by well-known crypto analyst Ali Martinez.
Is a Win Coming?
Meanwhile, Ripple executives have reason to celebrate recent legal developments. Reports of certain SEC lawyers resigning over corruption allegations in the Debt Box case have boosted optimism within Ripple’s ranks. Additionally, discussions around settlement talks have gained traction on various social media platforms, hinting at a possible resolution to the ongoing legal dispute.
In a bold move, Ripple’s legal team has filed a motion to challenge the SEC’s request for remedy and final judgment. Ripple staunchly opposes the SEC’s pursuit of a hefty $2 billion fine, instead proposing a maximum penalty of $10 million.
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