Ripple’s legal struggle with the SEC has substantially affected the cryptocurrency’s market performance. Even with such hurdles, XRP has been able to preserve its status as one of the leading cryptocurrencies in terms of market capitalization.
The price has been consolidating in a range and trading beneath the 50-day and 200-day EMAs from the last month. A good movement in price could burst in XRP if the struggle rules out in favor.
Let’s Dig What’s New About the SEC Lawsuit on the X Platform!
As per JackTheRippler’s post on X, Judge Torres’ final decision has been awaited, and it could happen at any time. If the case favors XRP, the price could rise, and the investors in XRP could benefit greatly.
We await Judge Torres' final decision, and that could happen at any time!
— JackTheRippler ©️ (@RippleXrpie) May 29, 2024
Are your #XRP bags packed? pic.twitter.com/GFAWu2Ppr0
The lawsuit between Ripple and the SEC has broader implications for the cryptocurrency industry. If the court rules in favor of the U.S. SEC and finds XRP guilty, it could considerably impact Ripple, XRP holders, and other cryptocurrency ventures.
Furthermore, Another post on X by XRP Captain stated that a US JUDGE had Ordered SEC To Pay ‘1.8 Million Dollars’ for the Damages For Abusing Its Power Against Crypto Company DEBTBox.
BOOM US JUDGE Orders SEC To Pay '1.8 Million Dollars' In Damages For Abusing It's Power Against Crypto Company #DEBTBox.
— XRP CAPTAIN (@UniverseTwenty) May 29, 2024
WHAT IF Judge Analisa Torres Orders SEC To Pay For Abusing It's Power Against #RIPPLE & #XRP
https://t.co/FCTm8Xewyo
He further stated that if Judge Analisa Torres Orders the SEC To Pay For Abusing Its Power Against RIPPLE & XRP, it could be another massive boom favoring the crypto realm.
Whales are Transferring XRP; Is It Concerning?
A large transaction was made in XRP, transferring 10.457 million worth of XRP coins to a Bitso exchange from the wallet address ending with -Hh4Rzn.
19,880,000 #XRP (10,457,018 USD) transferred from unknown wallet to #Bitsohttps://t.co/2CUM9LyBrn
— Whale Alert (@whale_alert) May 28, 2024
As Judge Torres is about to give a final decision on the lawsuit with XRP, uncertainty in the volatile market is highlighted, and investors should stay cautious.
Can XRP Erupt Amidst Manifold Uncertainties?
The XRP Daily Chart underscores that the price control was in bears’ hands, as it failed to reach last swing highs and declined at a constant pace.
However, the price structure was close to the demand zone, where new buyers could join. Moreover, Judge Torres’s final judgment could catalyze the breakout this year in XRP. If ruled out in the SEC’s favor, it could negatively impact the price.
The XRP crypto has been trading at $0.5259 at press time. The technical indicators are bearish, but minor bullish signs have appeared in MACD as it has a bullish crossover. The RSI has reached 49.33. It shows uncertainties in the XRP crypto.
If the demand for the XRP crypto increases, it could bounce back strongly from its current level. The next goal for the price could be reaching $0.62500 and $0.72500 levels.
However, if the XRP crypto price fails to stay above the $0.49500 level, it could decline and reach lower levels.
Summary
The legal struggle between Ripple and the SEC has significantly impacted XRP’s market performance. The price has been consolidating below the 50-day and 200-day EMAs, and a favorable ruling in the lawsuit could lead to a parabolic movement in XRP.
The final decision by Judge Analisa Torres is anticipated and could have a substantial impact on the XRP price. Additionally, a large transaction has been made in XRP, adding to the market’s uncertainty. The current XRP price was at the $0.5259 mark (at press time), with bearish technical indicators but minor bullish signs. The next price targets are $0.62500 and $0.72500, while failure to stay above $0.49500 could lead to further decline.
