Key Insights:
- Ripple and the SEC are progressing through a series of filings and responses, marking significant steps toward resolving their legal dispute.
- The outlined timeline, including the release of redacted versions and subsequent filings, provides clarity on the progression of the remedies briefing.
- XRP’s technical analysis suggests a critical juncture as it seeks to break free from a descending channel.
The legal dispute between Ripple Labs and the SEC has entered a crucial phase with the filing of key documents, marking significant progress in the ongoing litigation. The recent filing, conducted under seal by the SEC, sets the stage for the next major legal milestone in this closely watched case.
James K. Filan, a former federal prosecutor, revealed that the SEC has submitted its opening remedies-related brief and supporting materials. However, these documents remain inaccessible to the public for now. However, redacted versions are slated to be made available by Tuesday, March 26, 2024.
The joint sealing proposal, presented by Ripple and the SEC on March 19, aimed to address sealing issues pertinent to the remedies-related briefing in the lawsuit. This move underscores the meticulous legal maneuvers characterizing the clash between the two entities.
As the SEC’s opening motion initiates the remedies briefing, a series of pivotal dates loom on the horizon. Of note, April 22, 2024, marks the anticipated filing of Ripple’s opposition brief, followed by the SEC’s reply brief on May 6, 2024. These milestones are poised to shape the trajectory of the legal battle and reverberate throughout the cryptocurrency landscape.
The breakdown of key dates, as outlined in the joint sealing proposal, delineates the meticulous planning and procedural intricacies guiding the proceedings:
- On March 25, 2024, Ripple and the SEC are slated to convene and identify redactions for the opening brief and accompanying materials.
- March 26, 2024, marks the unveiling of the SEC’s public redacted version of its opening brief, along with any non-confidential supporting exhibits filed in the public docket.
- Come April 22, 2024, Ripple is expected to submit its public, redacted opposition brief, along with supporting declarations and exhibits, subject to confidentiality constraints.
- On May 6, 2024, the SEC is scheduled to file a reply brief under seal, followed by the submission of a public redacted version on May 8, 2024.
Throughout this intricate legal dance, parties and third parties will engage in meet-and-confer sessions to determine redactions, ensuring transparency within the confines of legal protocols.
As of this writing, XRP is trading on a bullish note as the price stands at $0.6233, which has increased by 1.67% in the past 24 hours. Despite starting today’s session on a low note at the $0.605 region, the bulls have been adamant forming higher highs as XRP aims to challenge the key resistance level at $0.6500.
XRP/USD price chart: CoinMarket Cap
On the weekly chart, XRP has displayed a positive outlook, gaining 1%, while the monthly gain remains at 15% after rallying from $0.5457 to $0.7400. The market capitalization has a value of $34 billion, while the daily trading volume has seen a significant decline of 40%, dropping to $1.2 billion, indicating increased selling pressure.
Analyst Eyes $1 on Ripple’s XRP.
Crypto analyst Dark Defender remains bullish on XRP, anticipating a steady climb toward the $1 mark by April. With XRP trading at $0.58 as of February 28, Dark Defender sets his sights on incremental gains, projecting a rise to $0.6462 by March 1, followed by a range of $0.77 to $0.92 by March 13, culminating in the coveted $1 milestone by April.
A recent surge saw XRP hitting a new peak of $0.75, prompting Dark Defender to identify Fibonacci Levels indicating potential short-term targets at $0.9772 to $1.5048, with $2.3172 as an upper bound. Emphasizing the significance of maintaining the $0.58 Orange Support level, Dark Defender asserts that this level has demonstrated resilience in past performance.
With this trajectory in mind, investors eye April with anticipation, poised for potential gains if XRP maintains its current course as outlined by Dark Defender’s analysis.
XRP Technical Outlook
Technical analysis of the XRP chart reveals a persistent descent within a channel pattern since its peak during the 2021 bull run.
Currently, the Relative Strength Index (RSI) hovers around 51, indicating a neutral stance from the market towards XRP, neither overbought nor oversold. Moreover, the Moving Average Convergence Divergence (MACD) line sits below the signal line, signaling a bearish trend.
XRP/USD chart: TradingView
Notably, a crucial support level lies around $0.57, coinciding with the 200-day moving average, a significant metric in technical analysis. Should XRP breach this level, it could signal a potential shift towards a bearish trajectory.
For XRP to witness a notable uptrend, it must break free from the descending triangle pattern, a feat yet to be accomplished in the current market surge. A successful breakout could propel XRP towards higher resistance levels, targeting approximately $1 and potentially revisiting the $3 region. However, failure to breach the pattern may lead to a retest of the $0.57 support level.
Amidst ongoing legal proceedings between Ripple and the SEC, XRP’s price trajectory remains subject to influence. While technical analysis hints at a potential upward trend should XRP break free from its descending triangle pattern, the market closely watches the SEC’s filings and their possible repercussions on the case’s resolution, which could notably affect XRP’s price movements.
