XRP price dips marginally amid progress in SEC v. Ripple lawsuit's discovery phase


  • XRP price noted a drop of 0.76% on Monday as the SEC lawsuit entered the final week of remedies-related discovery phase.
  • A federal judge granted Ripple an extension of remedies-related discovery deadline and moved it to February 20, 2024. 
  • Crypto expert states SEC v. Ripple lawsuit could end as early as 2024 or see a push to 2028 if either party appeals to the Supreme Court. 

XRP price climbed 3.70% in the past week and declined slightly on Monday as the SEC v. Ripple lawsuit entered its final week of the discovery phase. The Court granted Ripple’s request for extension of remedies-related discovery deadline from February 12 to 20. 

The payment remittance firm is likely compiling its financial statements and institutional sales contracts for the Securities and Exchange Commission (SEC), this week. The payment giant’s lawyers previously stated that the SEC’s request for information is burdensome and Ripple needs time to compile the information. 

A crypto expert analyzed the SEC v. Ripple lawsuit and identified seven possible ways in which the lawsuit could end. 

Also read: XRP price could deteriorate with Ripple’s request for deadline extension in SEC lawsuit

Daily Digest Market Movers: SEC v. Ripple lawsuit drags on, experts state legal battle could end in 2028

  • The SEC v. Ripple lawsuit has been a focal point for XRP holders, given its influence on the altcoin’s price. 
  • According to the latest development in the lawsuit, the deadline for the remedies-related discovery phase was extended from February 12 to 20. 
  • This allows more time for the payment remittance firm to gather the information that the SEC seeks. 
  • The extension of deadlines in the lawsuit could delay the end of the SEC v. Ripple lawsuit. 
  • A crypto expert behind the X handle @AshleyPROSPER1, analyzed the different scenarios for the lawsuit and predicted that it could end as early as 2024 or as late as 2028. 
  • The expert explains that the lawsuit could end at any time if the two parties decide to settle. If Ripple and SEC accept the remedies ruling from Judge Analisa Torres with no further appeals from either side, the case could end as early as 2024. 
  • However, an appeal from either side to the second circuit could send the case to 2026 or 2027. An appeal to the Supreme Court Of the US could see the lawsuit drag until 2028 before a final outcome. 

Technical Analysis: XRP price could rally 7% to $0.5629

XRP price dipped slightly on Monday, however the technical indicators show that the altcoin is likely to rally. XRP price is $0.5223 on Binance, at the time of writing. The green bars on the Awesome Oscillator (AO) and the Moving Average Convergence/ Divergence (MACD) support the thesis of gains in XRP price. 

XRP price faces resistance at R1, $0.5629. This level is key to XRP since it represents the 50% Fibonacci Retracement of the decline from the 2024 high to the January 31 low of $0.4853. A rally to R1 represents nearly 7% gains in XRP. 

The support for XRP price is $0.4968, just below the psychologically important level of $0.50. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below the support at $0.4968 could invalidate the bullish thesis for XRP price. If XRP price plummets, it could dip to the January 31 low of $0.4853. 

Ripple FAQs

What is Ripple?

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

What is XRP?

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

What is XRPL?

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

What blockchain technology does XRP use?

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.


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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies 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