The legal tussle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to capture the attention of the cryptocurrency world. The possibility of a settlement is gaining traction, with insights from former SEC enforcement lawyer Marc Fagel suggesting that a resolution is likely. This outlook is particularly relevant as the new administration, led by Paul Atkins, might choose not to pursue an appeal, potentially bringing much-needed regulatory clarity to Ripple and its native token, XRP. Under the new pro-crypto government, XRP is poised for a bullish scenario, with relaxed regulations and prices nearing a significant breakout if Ripple navigates the SEC’s regulatory hurdles successfully.
Potential Developments for Ripple and XRP
Adding fuel to the excitement, rumors suggest Ripple might introduce its stablecoin this month, with plans for an Initial Public Offering (IPO) later in the year. Such strategic moves could maximize adoption in the unpredictable market. As market conditions align favorably, XRP enthusiasts are optimistic about its potential surge, though the outcome of the Ripple vs. SEC case remains a critical factor.
Current Status of the Ripple vs. SEC Case
Marc Fagel has indicated that both Ripple and the SEC have appealed parts of the case they previously lost, leaving a hefty $125 million penalty for Ripple unresolved. It is anticipated that the new SEC leadership may opt for a settlement based on Judge Analisa Torres’s earlier decision. However, under Gary Gensler’s leadership, the SEC is expected to file its appeal by January 15. Pro-XRP attorney Jeremy Hogan predicts the case might reach a conclusion by April or May 2025, considering procedural delays.
Ripple’s Strategic Moves and Market Outlook
Ripple CEO Brad Garlinghouse recently expressed criticism towards the SEC for hindering business opportunities in the United States but acknowledged progress under the so-called “Trump effect.” Ripple’s expansion, including new deals and an increased U.S. workforce, signifies a positive outlook for the company’s future. Analysts speculate that a settlement could pave the way for an XRP ETF approval, potentially sparking a significant price rally.
Conversely, the SEC might not be inclined to drop the case, as doing so could impact its reputation. The appointment of Jorge Tenreiro as the SEC’s chief litigation counsel suggests that the case might be prolonged. Nevertheless, investors remain bullish on XRP’s price trajectory.
XRP Technical Outlook
On the technical side, crypto analyst Ali Martinez observes a bullish pattern in XRP, which could lead to a substantial breakout. Martinez highlights that XRP is trading within a large bull pennant, a consolidation phase often preceding a sharp upward movement. He predicts XRP might dip to a support level of $2.05 before surging 436% to a target of $11, contingent on breaking the $2.73 resistance.
Currently trading at $2.42, XRP is in a consolidation phase, gearing up for its next significant move. Analysts like CrediBULL Crypto expect short-term consolidation within the present range, followed by a breakout to new all-time highs. The combination of favorable legal developments and bullish technical indicators could propel XRP’s price into the double-digit zone, reminiscent of its 400% surge following Trump’s re-election.
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