Could XRP Price Hit $5 in 2024? Ripple’s SEC Lawsuit Outcome May Hold the Key
Highlights
- The XRP price may extend its current sideways trend until the symmetrical triangle pattern is intact.
- A potential rebound from the lower support trendline could trigger a quick 25% jump to $0.65.
- The intraday trading volume in the XRP is $1.14 Billion, indicating an 8.8% loss.
So far in 2024, the XRP price has lagged behind, primarily due to Ripple’s ongoing legal dispute with the U.S. Securities and Exchange Commission. While Bitcoin and most major altcoins have surged to new highs, XRP has remained stagnant, showing no clear momentum from either buyers or sellers. However, as the lawsuit nears its conclusion and optimism grows around XRP’s market prospects, there could be a significant shift in its 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 since 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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