Will XRP Price Reach $5 In 2024 If Ripple Wins SEC Lawsuit?
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has significant implications for XRP’s future. In May 2024, the case saw several crucial developments, including the SEC filing its final response, which could shape the lawsuit’s outcome and, by extension, the XRP price trajectory.
Also Read: XRP Is Primed For A Breakout, Ex-Ripple Director Predicts
Ripple vs. SEC: Ripple Files to Seal Financial Agreements
After a brief period of inactivity, the Ripple Vs U.S SEC case has escalated again as Ripple filed a reply letter seeking to seal or redact confidential information about its financial agreements, which it argues are crucial for maintaining its competitive edge.
James K. Filan, a prominent figure in the XRP community, shared insights on Twitter, highlighting Ripple’s efforts to protect its sensitive business information. He posted, “Ripple has filed a reply letter in further support of its Motion to Seal documents in connection with the SEC’s Motion for Judgment and Remedies.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a reply letter in further support of its Motion to Seal documents in connection with the @SECGov’s Motion for Judgment and Remedies. pic.twitter.com/NeuFZII1m8
— James K. Filan
(@FilanLaw) May 29, 2024
Many analysts believe Ripple has the upper hand in this case. The company has seen partial victories, including the dismissal of several allegations, particularly those related to programmatic sales of XRP. However, institutional sales continue to pose a legal challenge.
A win for Ripple would likely provide much-needed regulatory clarity for XRP, potentially increasing its adoption and usage. This clarity could also restore investor confidence, leading to increased demand.
As per the historical data, the XRP token has shown a notable upsurge in value when Ripple secured some partial win against some SEC allegations. Thus, if the court case leans in Ripple’s favor a major reversal is expected for XRP price.
Also Read: Bitcoin Whales Make a Comeback as Markets Adjust to New Phase of Scarcity
Could XRP Price Rally to $5 and Beyond? Symmetrical Triangle Pattern Offers Insight
An analysis of the weekly chart shows the XRP price has been trading sideways for the past four years. This consolidation confined within two converging trendlines indicates a symmetrical triangle pattern formation.
In theory, the chart pattern is known to carry a notable period of uncertain lateral trend to rebuild its momentum. The XRP price is currently at $0.52 and has been hovering above the lower trendline of the triangle pattern.
A potential breakout from the pattern’s overhead trendline will signal a change in market sentiment from selling on bounces to buying on dips.
If the pattern holds true, the post-breakout rally could chase the initiation target of $2, followed by $10.
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