New Delhi: XRP has experienced a 1.5% drop in the past 24 hours, reaching $0.461331, following news of a one-week extension for Ripple and the SEC to file motions for summary judgment in their ongoing case. Despite this, XRP has seen an 8% increase over the past week and a 2% increase in the last 30 days. Since the beginning of the year, the altcoin has risen by 35%.
There is growing anticipation that the Ripple-SEC lawsuit will conclude favourably for Ripple, leading to a significant rally in XRP if a positive ruling is issued. This has raised expectations that XRP may outperform other major cryptocurrencies this year.
The current chart for XRP shows mixed indicators. The relative strength index has risen today, indicating a strengthening momentum, although it has slightly weakened recently. On the other hand, the 30-day moving average is approaching the 200-day average, suggesting a potential decline in the coin’s price in the coming days. However, the medium-term support level has shown modest growth, which could lead to a quick recovery from any short-term slip.
From a fundamental standpoint, the outlook for XRP remains optimistic as the SEC and Ripple work on filing motions for the case to be concluded with a summary judgment. The deadline for these motions is June 13, which means the case could reach its resolution a few weeks later after the judge has thoroughly considered each party’s arguments.
Legal opinions have increasingly favoured Ripple’s chances of obtaining a favourable decision. The judge’s denial of the SEC’s motion to block public access to the Hinman emails, which are related to an important speech by the SEC’s William Hinman in 2018, has reinforced this view. These documents could shed light on whether the SEC considered XRP as a security at that time. This development has raised hopes within the XRP and cryptocurrency community of a potential victory for Ripple or a decision that allows the company to continue its operations.
If Ripple succeeds, XRP could rally to $1 within a few weeks or even days. A broader market recovery could further drive its price up to $2 or $3. It’s worth noting that XRP’s all-time high of $3.40 was reached in January 2018, missing out on the bull market of 2021. Therefore, the next bull market, potentially in 2024 with the next Bitcoin halving, could present an opportunity for even higher gains for XRP.