As a seasoned crypto investor with several years of experience in the market, I’ve learned to keep an eye on developments that could potentially impact various digital assets, including Ripple (XRP). The recent news surrounding the company has been dominated by legal challenges, primarily the ongoing lawsuit against the US Securities and Exchange Commission (SEC) and a civil securities lawsuit against CEO Brad Garlinghouse.
TL;DR
- Ripple faces ongoing legal challenges with the SEC and a civil lawsuit against CEO Brad Garlinghouse.
XRP’s price remains stable around $0.50, with analysts predicting potential significant gains if certain technical patterns form.
What’s New Around Ripple?
The company’s news has primarily focused on the ongoing lawsuit with the US Securities and Exchange Commission (SEC). Notably, this week, the SEC’s Crypto Asset and Cyber Unit in the Enforcement Division, led by David Hirsh, announced his resignation.
For over ten years, he was a valuable member of the agency team. Some have hypothesized that he may soon join “pump.fun” – a Solana marketplace where users can develop and trade their own tokens. However, Hirsh has dismissed these speculations as unfounded.
In addition to its ongoing legal battle with the SEC, Ripple is dealing with another civil securities lawsuit. This lawsuit accuses Ripple and its CEO, Brad Garlinghouse, of making misleading statements during a 2017 interview. At that time, Garlinghouse expressed being strongly bullish on XRP by saying he was “very, very long” on the tokens. However, it is alleged that in reality, Garlinghouse had sold millions of XRP tokens in the same year.
Another development that made the headlines this year is the announced launch of a Ripple stablecoin. A week ago, the firm revealed that the financial product pegged to the American dollar will be called Ripple USD (RLUSD). It will be available on the XRP Ledger and Ethereum and will go live later in 2024.
XRP Price Outlook
In contrast to the current market downturn, XRP has displayed remarkable stability. It has remained close to the $0.50 value and experienced a 3% increase in the past week.
As a crypto investor, I believe that XRP has significant growth potential in the future. The analyst EGRAG CRYPTO has identified a “Hammer formation” pattern for XRP, suggesting a possible price surge if the coin manages to close above $0.55-$0.58 by the end of June.
As a researcher studying market trends, I would interpret the trader’s statement as follows:
Before that, I, as a researcher, had anticipated an XRP rally due to the relatively low Relative Strength Index (RSI) readings recently. The RSI is a technical analysis tool that measures the speed and magnitude of price changes, ranging from 0 to 100. When the asset’s ratio exceeds 70, it may suggest overbought conditions and potential correction. Based on available data, this threshold has been crossed only three times in June, with the current reading hovering around 50.
JAVON MARKS expressed confidence as well, predicting a significant price surge, potentially reaching $20 and beyond, if XRP followed its historical trends.
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2024-06-21 14:46