Ripple (XRP) maintains stability around $0.51 amidst anticipation of a court ruling on its lawsuit with the SEC, while also unveiling plans to expand its services in Africa.
However, market sentiment hinges on developments in the Ripple SEC lawsuit, with Ripple mandated to file counter briefs alongside the SEC by May 20.

Ripple (XRP) remains near $0.51 on Friday, holding above the key psychological level of $0.50, as traders anticipate the court ruling in the lawsuit against the US Securities and Exchange Commission (SEC). Additionally, Ripple has announced new commitments to expand its services in Africa.

Although Ripple and XRP are primarily recognized for their payment-remittance services, the company has expressed intentions to broaden its scope into crypto-native services such as custody. As a result, ripple is planning to release XRP Ledger and custodial services in Africa.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted that while the company is primarily associated with payment solutions, it intends to venture into “crypto-native services” such as custody.

https://x.com/sentosumosaba/status/1791331629220438046

Additionally, Ripple aims to bolster support for the XRP Ledger program across the Middle East and Africa, complementing its existing suite of services in the region.

The XRP Price Action

As of the current writing, XRP is priced at $0.5155 on Binance. In a bullish scenario, the altcoin may target the psychologically significant level of $0.60, encountering interim resistance at $0.53 during its ascent. The Moving Average Convergence Divergence (MACD) indicator supports this upward momentum, with the MACD line crossing above the signal line—a bullish signal—and the green histogram bars rising above the neutral line.

The Relative Strength Index (RSI) stands at 47.33, indicating proximity to the neutral zone. However, a close below $0.5045, which represents the 38.6% Fibonacci retracement level of the previous decline, could invalidate the bullish outlook. In such a scenario, XRP might seek liquidity around the low of May 13 at $0.4866.

Ripple SEC Lawsuit Development

Ripple is required to submit counter briefs to the omnibus letter motions filed this week by May 20, alongside the SEC and other involved parties. The court is currently deliberating on the possibility of issuing an injunction against Ripple and determining penalties for violations of securities laws.

Stuart Alderoty, Ripple’s Chief Legal Officer, commended a recent Capitol Hill vote, highlighting a bipartisan consensus against what is perceived as overreach by SEC Chairman Gary Gensler in the crypto sphere, per the Crypto News Flash report.

The US Senate has passed the Congressional Review Act (CRA), leading to the repeal of SAB 121. This regulation would have mandated companies, including banks, to include client-owned crypto assets on their balance sheets. The repeal of SAB 121 indicates a growing resistance to stringent crypto regulations.

Several market analysts believe that the settlement of the Ripple SEC lawsuit can help the XRP price rally all the way to $1.0.

The post XRP Holds Firm at $0.51 Amid Ripple’s Expansion Plans for XRP Ledger and Custody Services in Africa appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ May 21, 2024 12:00 am