As Ripple transaction activity rises, it is expected that XRP price will continue to advance

5 December 2023, Tuesday
As Ripple transaction activity rises, it is expected that XRP price will continue to advance

Ripple (XRP) and the SEC Lawsuit: What’s Happening?


Anticipation for Settlement


Ripple (XRP) has been making headlines lately due to an ongoing lawsuit with the US Securities and Exchange Commission (SEC). Many people are eagerly waiting for a settlement in this case. The SEC is accusing Ripple of violating securities laws, and the outcome of this lawsuit could have a big impact on the future of Ripple and its digital currency, XRP.


Increased Transaction Activity


Interestingly, there has been a recent spike in the number of transactions involving XRP. Since mid-August 2023, the transaction count has reached over 1.38 million, which is the highest it has been in three months. This could be a sign that people are still using and trading XRP despite the ongoing legal battle.


Ripple CEO’s Perspective


Brad Garlinghouse, the CEO of Ripple, has shared his thoughts on the lawsuit. He believes that if Ripple had not achieved a partial victory in the case and if the charges against the executives had not been dismissed, the SEC would have gone after other cryptocurrency projects aggressively. This shows how important this lawsuit is not just for Ripple, but for the entire crypto industry.


Predictions for XRP Price


As for the price of XRP, it has been trading below $0.6500 since the beginning of December 2023. However, analysts predict that there could be a recovery in the near future. They believe that XRP might attempt to reach the $0.7500 level, which it previously reached on November 13. However, there are some obstacles along the way, such as the 50% retracement level at $0.6820.


Support and Resistance Levels


If XRP’s price starts to decline, it could find support at the 50-day Exponential Moving Average (EMA) at $0.6014. However, if the price drops below this level, it could invalidate the bullish outlook for XRP. On the other hand, if XRP manages to break through the resistance levels, it could continue its upward trend.


In conclusion, the Ripple (XRP) lawsuit with the SEC is still ongoing, and many people are eagerly waiting for a settlement. The recent increase in transaction activity shows that there is still interest in XRP despite the legal battle. As for the price of XRP, analysts predict a potential recovery in the near future, but there are some obstacles to overcome. It will be interesting to see how this lawsuit unfolds and what it means for the future of Ripple and XRP.