XRP price could rally towards $0.56 target amidst possibility of settlement in SEC v. Ripple lawsuit


  • XRP price climbed to $0.5338 on Tuesday, yielding nearly 5% weekly gains for holders. 
  • Crypto lawyer James Murphy predicted a settlement in the SEC v. Ripple lawsuit in a recent podcast. 
  • Attorney Fred Rispoli believes the stakes are high for Ripple as the firm shares details of post-complaint sales with the SEC. 

XRP price climbed nearly 5% in the past week and hit a high of $0.5380 this week. The altcoin is currently in an uptrend. Two catalysts are likely driving gains in XRP. The first positive development is Ripple’s request to extend the remedies-related discovery deadline by a week, which was granted by the Court. 

The second is the possibility of a settlement in the SEC v. Ripple lawsuit, predicted by crypto lawyer, James Murphy. 

Also read: SEI Network sees nearly 175,000 weekly active users after founder teases “big things” are coming

Daily Digest Market Movers: Lawyer predicts settlement in SEC v. Ripple lawsuit

  • In his recent appearance on the “Thinking Crypto” podcast, lawyer James Murphy shared his thoughts on the SEC v. Ripple lawsuit. 
  • The lawyer believes that a settlement is likely between the two parties in 2024, given it is election year. 
  • Murphy argues that new management could take over the SEC and this could influence the outcome of the SEC v. Ripple lawsuit. 
  • This is likely a catalyst for XRP holders as the development implies that the lawsuit will end soon. 
  • Attorney Fred Rispoli recently analyzed the outcome of the SEC’s lawsuit against Ripple and noted that the US regulator is likely to appeal the ruling in the case and an order from the second circuit could push the lawsuit’s outcome to mid-2026. 
  • Attorney Rispoli believes the SEC’s move could restrict Ripple’s institutional operations and the stakes are very high for the payment giant. 

Technical Analysis: XRP price could rally 6%

XRP price climbed to a high of $0.5338 on Tuesday. The altcoin is likely to rally towards resistance at $0.5629, this coincides with the 50% etracement of the decline from 2024 peak to January 31 low. 

If XRP price sees a daily candlestick close above resistance at $0.5629, the altcoin could rally towards its second resistance at $0.6012. The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) support XRP price gains. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below support at $0.4968 could invalidate the bullish thesis for XRP price.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP