All eyes here!
Ripple’s digital asset, XRP, has seen a significant 4.5% price jump, reaching $0.56 in the last 24 hours. This surge is linked to recent happenings within Ripple, updates on the SEC v. Ripple lawsuit, and heightened anticipation surrounding Ripple CTO David Schwartz’s reveal of XRPLedger’s plans for 2024.
Scheduled for February 27, 2024, David Schwartz, the driving force behind Ripple’s tech advancements, will shed light on XRPLedger’s ongoing developments in interoperability and EVM integration. Developers are especially keen to hear about smart contract solutions and the convergence of AI with blockchain technology on XRPLedger.
The announcement of Ripple’s 2024 roadmap has sparked enthusiasm among XRP holders, leading to a recovery from recent losses. This roadmap serves as a guide, outlining Ripple’s strategic vision and generating optimism for the future.
Boosting Market Sentiment
Adding to the positive vibe is Ripple’s strategic partnership with a Silicon Valley-based blockchain and AI firm. This collaboration aims to implement multi-asset tokenization on XRPLedger, promising increased accessibility and liquidity for cryptocurrencies.
Read More: Why is the Crypto Market Up Today? Here Are the Major Factors
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 must respond by April 12, with the penalty likely tied to net proceeds from XRP sales to non-exempted US institutional investors
Analyzing XRP’s price, we observe a bullish signal in the near term, hovering above the 50-day EMA. However, it remains below the 200-day EMA, indicating a bearish long-term outlook. Breaking above the 200-day EMA could push XRP towards the $0.5835 resistance level.
A break below the 50-day EMA and $0.5470 support level may trigger a bearish move towards the $0.5042 support level. The 14-day RSI reading of 54.24 suggests a potential move to the $0.5835 resistance level before entering overbought territory.
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With XRP recently climbing to $0.56, surpassing the key $0.55 resistance, there’s a positive shift in the altcoin’s fortunes, indicating a potential recovery from the losses of the previous week. The community remains cautiously optimistic about what lies ahead.
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