The price of XRP surged to $0.5338 on Tuesday, marking a nearly 5% increase in weekly gains for holders. This uptrend comes amidst growing speculation of a potential settlement in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.
Legal experts have weighed in on the matter, with crypto lawyer James Murphy making a prediction of a settlement during a recent podcast appearance. Murphy’s analysis is based on the fact that 2024 is an election year, potentially leading to changes in management at the SEC, which could influence the outcome of the lawsuit.
Fred Rispoli, another attorney closely following the case, highlighted the high stakes for Ripple as the company continues to share details of post-complaint sales with the SEC. Rispoli also speculated on the possibility of an appeal from the SEC, which could prolong the legal proceedings until mid-2026, potentially restricting Ripple’s institutional operations.
The positive sentiment surrounding a potential settlement has contributed to XRP’s recent price rally. Additionally, Ripple’s successful request to extend the remedies-related discovery deadline by a week, granted by the Court, has further bolstered investor confidence.
Technical analysis suggests that XRP’s price could continue to climb, with projections indicating a potential rally towards resistance at $0.5629. This level coincides with the 50% retracement of the decline from the 2024 peak to the January 31 low, further reinforcing the bullish outlook for XRP.
Overall, the possibility of a settlement in the SEC v. Ripple lawsuit and the favorable technical indicators point towards continued upward momentum for XRP’s price, with investors closely monitoring developments in the legal proceedings for further cues.
