XRP Price Prediction: The cryptocurrency market is going through a downtown phase following a failed attempt to repair the uptrend and kick off the bull run expected in the second halftime of the year. XRP price slumped below $0.5 again with support at $0.47 coming in handy. Unless bulls arrest the bearish situation and debut above $0.5, the leading cross-border remittance token could end up at $0.3.

Ripple Vs SEC Updates: Is The SEC Setting Sight On Appeals

The long-running lawsuit pitting Ripple against the Securities and Exchange Commission Commission (SEC) is nearing the final determination. Lawyers involved in the matter seem to weighing outcomes and deliberating the next steps.

Based on the prevailing outlook, the case could be determined in July. The partial ruling in July 2023 cleared Ripple for its role in secondary sales of XRP on third-party platforms like cryptocurrency exchanges—these sales do not constitute securities.

However, Ripple still had a case to answer regarding direct sales to institutional investors. The SEC proposed a hefty penalty of $2 billion as the company allegedly violated US securities laws.

Lawyers privy to the matter are of the option that the regulator will be appealing the summary judgment last July. If the SEC takes this direction, Ripple could start another legal battle following the determination of the remedies in July or August 2024.

Fred Rispoli, a pro-XRP lawyer, opines a settlement is highly likely, especially with the window narrowing. However, Rispoli has not ruled out a possibility.

XRP price traded at $0.48 during the European session on Friday according to CoinGecko data. If the ruling likely in July or early August favors Ripple, investors can look forward to a stronger XRP. However, further downside to $0.3 cannot be ruled out, especially if the SEC appeals the summary judgment.

XRP Price Prediction: Breakout, or Breakdown Impending?

XRP is testing a very important support at $0.47. It has rebounded from this level at least three times, forming a triple-bottom pattern. If bulls uphold the current green candle on the four-hour chart, confidence in the uptrend will grow boosting XRP above $0.5 this Friday.

XRP price prediction chart | Tradingview

Based on the sideways movement of the Moving Average Convergence Divergence (MACD) indicator, a consolidation period is expected in the coming sessions. Bulls have a task to prove their worth by triggering a buy signal from the MACD which will manifest as the blue line crosses above the red signal line.

XRP will further reinforce the bullish grip with a move above all three key Exponential Moving Averages (EMAs); the 20-day, the 50-day, and the 200-day. Holding above the $0.5 resistance is a step closer to the psychological resistance at $1.

The post XRP Price Prediction: Can Ripple Vs SEC Lawsuit Appeals Trigger XRP Sell-Off To $0.3? appeared first on CoinGape.

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Filed under: News - @ June 14, 2024 9:21 am