- Ripple lawsuit could end by July 31, per the prediction of pro-crypto attorney Fred Rispoli.
- XRP traders keep eyes peeled for settlement with the SEC or news of final ruling in the lawsuit.
- XRP trades above $0.60, altcoin could collect liquidity prior to nearly 11% gains.
Ripple (XRP) lawsuit brought by the Securities & Exchange Commission could end in July 2024. XRP traders are watching the lawsuit closely for updates on settlement or a final ruling by Judge Analisa Torres.
Ripple’s partial victory in July 2023 cemented XRP’s status as a non-security. It remains to be seen whether the US financial regulator appeals the ruling.
XRP trades above key psychological support at $0.60, early on Monday.
Daily digest market movers: Ripple final showdown with SEC likely this week
- The SEC vs. Ripple lawsuit is a key market mover for XRP. Per pro-crypto attorney Fred Rispoli, Ripple lawsuit could end by July 2024, this week.
- XRP holders expect either a settlement in the SEC lawsuit or a fine, the $10 million proposed by Ripple against over $2 billion asked by the regulator.
- There is legal clarity on XRP’s status as a non-security in secondary market transactions, on exchange platforms. It remains to be seen whether this ruling from July 2023 is appealed by the SEC.
- The news of the closed-doors meeting between the two parties acted as a key market mover for the altcoin.
- Ripple update: What to expect from XRP and Ripple lawsuit this week
- As traders keep their eyes peeled for updates, XRP trades above its psychological support level.
- XRP officially got listed on the Chicago Mercantile Exchange (CME) CF reference rates and real-time indices.
BREAKING: $XRP is OFFICIALLY LISTED on CME pic.twitter.com/7WABMMEJg2
— EDO FARINA XRP (@edward_farina) July 29, 2024
Technical analysis: XRP could sweep liquidity under $0.60 and rally nearly 11%
XRP broke out of its downward trend on July 12, forming higher highs and higher lows consistently. XRP is currently above key psychological support at $0.60, and is likely to sweep liquidity in the Fair Value Gap between $0.5404 and $0.5783, the support zone.
Ripple could extend gains by nearly 11% once the imbalance is cleared and target $0.6666, the 78.6% Fibonacci retracement of the decline from its March 11 top of $0.7440 to the July 5 low of $0.3823.
XRP faces resistance at $0.6058, the 61.8% Fibonacci retracement in the XRP/USDT daily chart.
XRP/USDT daily chart
The momentum indicator, Moving Average Convergence Divergence (MACD) supports the thesis of a liquidity sweep as the MACD line crosses under the signal line on July 29. This means there is underlying bearish momentum in XRP price trend.
A daily candlestick close under the $0.5632, or the 50% Fibonacci retracement level could invalidate the recovery rally thesis and signal an impending correction. Ripple could find support at $0.5205, the 38.2% Fibonacci retracement level.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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