- XRP price increases slightly on Tuesday February 20, climbing to $0.5741.
- The remedies phase of the SEC v. Ripple lawsuit begins on Wednesday and discovery is expected to end.
- New information in the SEC lawsuit could influence the outcome of the legal battle between the two parties.
XRP price climbs to a high of $0.5741 on Tuesday, rallying towards its $0.60 target. The altcoin is in an uptrend, as the SEC v. Ripple lawsuit enters a new phase in its legal battle, known as "remedies". The remedies phase could result in a declaratory judgment on the issue before the court, damadges being awarded and or sanctions being imposed.
In Judge Torres' original ruling, Ripple was in violation of securities law only in sales to instiutional clients, not to retail investors, and it is still possible new evidence from the financial statements and institutional sales contracts shared by Ripple, could come to light and influence the outcome of the SEC v. Ripple lawsuit.
Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit
Daily Digest Market Movers: Key deadline in SEC v. Ripple lawsuit, new information to surface
- As the remedies-related discovery phase draws to an end, it is likely that new information surfaces in the legal battle between the SEC and Ripple.
- The regulator has asked for Ripple’s financial statements and the post-complaint (post SEC’s lawsuit) institutional sales of XRP.
- The information from these documents could influence the SEC’s ask in terms of a fine if there is a breach of securities laws and the overall outcome of the lawsuit.
- The deadline is Tuesday, February 20, the legal battle enters a new phase of “remedies.”
- Ripple’s partial win in the legal battle pushed XRP price to its 2023 peak, therefore, XRP holders have their eyes peeled for the outcome of the remedies-related discovery phase as it draws to a close.
Technical analysis: XRP price could rally to its 2024 peak of $0.6405
XRP price is currently in an uptrend. The altcoin eyes its 2024 peak of $0.6405 as a target for its rally. XRP price could face resistance at the 78.6% Fibonacci retracement of its decline from its 2024 peak, at $0.6073.
The Moving Average Convergence Divergence (MACD) indicator and the Awesome Oscillator (AO) both support XRP’s uptrend and signal that there is positive momentum.
XRP/USDT 1-day chart
In the event of a decline in XRP price, the altcoin could sweep support at $0.5248 before bouncing back above the 38.2% Fibonacci retracement at $0.5446 and re-attempting a rally to $0.6405.
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
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.