XRP climbs to $0.58 as SEC pushes for deadline extension in Ripple lawsuit

XRP price climbed to $0.58, inching closer to $0.60 target on Wednesday.
The SEC has requested a change to the remedies briefing deadlines in its lawsuit against Ripple.
Ripple’s deadline to file an opposition brief could be extended to April 22, 2024.

XRP price rallied on Wednesday in response to the Securities and Exchange Commission’s (SEC) push to delay the remedies briefing deadline in its lawsuit against the payment remittance firm.

The next key date for the SEC v. Ripple lawsuit, following the delay requested by the SEC is April 22, 2024.

Also read: XRP price wipes out losses, Ripple plans blockchain roadmap reveal for 2024

Daily Digest Market Movers: Ripple lawsuit faces further delay

The SEC has revealed plans to delay the remedies briefing deadlines in its lawsuit against Ripple.
Prior to the SEC’s request, Ripple had asked for an extension of the deadline for the discovery phase, in order to prepare the documents required by the regulator.

#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has requested a change to the remedies briefing deadlines, asking that: (1) the @SECGov’s opening brief deadline be extended to March 22, 2024, (2) @Ripple’s deadline to file its opposition brief be extended to April 22, 2024, and (3)… pic.twitter.com/ZvCixNdLMm
— James K. Filan (@FilanLaw) February 28, 2024

The SEC’s push for delay implies that the regulator’s opening brief deadline will be extended to March 22, 2024 while Ripple’s deadline to file its opposition brief will be extended to April 22, 2024.
The regulator’s deadline to file a reply to Ripple’s opposition brief will be extended to May 6, 2024.
While the SEC’s bid for delay prolongs the legal battle between the payment remittance firm and the agency, it has likely catalyzed gains in XRPLedger’s native token, XRP.
XRP price climbed on Wednesday, inching closer to its $0.60 target.

Technical Analysis: XRP price could hit $0.60 target in its uptrend

XRP price climbed to $0.58 on Wednesday. The altcoin is rallying closer to its $0.60 target. Bitcoin price sustained above the $57,000 level on Wednesday and the SEC bid to delay the remedies brief filing in the lawsuit against Ripple. These two factors are likely catalyzing XRP price gains.

XRP price is likely to rally towards its $0.6405 target, the 2024 high for the altcoin. In its uptrend XRP price faces resistance at the 78.6% Fibonacci retracement of the decline from the 2024 peak, at $0.6073. A successful break past this level could push XRP towards a new yearly high.

The Moving Average Convergence/ Divergence (MACD) indicator, and the Awesome Oscillator (AO) support XRP price gains and show that the uptrend is intact.

XRP/USDT 1-day chart

A daily candlestick close below the 50% retracement at $0.5629 could invalidate the bullish thesis for XRP and send the altcoin to support at the 38.2% Fibonacci retracement at $0.5446.

Crypto ETF FAQs

What is an ETF?

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Is Bitcoin futures ETF approved?

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Is Bitcoin spot ETF approved?

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

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