Ripple faces a pivotal legal decision this week, which will likely reshape its future and the broader cryptocurrency market.
XRP's recent stability stems from last year's ruling, but the future impact depends on Judge Torres' upcoming decision.
A break of key resistance levels could indicate a significant increase in the price of XRP.
A pivotal decision looms for Ripple and the Securities and Exchange Commission as Judge Analisa Torres is set to conclude deliberations on their long-running legal battle. The settlement could reshape the landscape for Ripple and the broader cryptocurrency industry. As the judge weighs penalties and injunctions, the outcome is expected to have ramifications.
The case, which has been going on for over three years, has already caused significant turmoil for Ripple. XRP has faced delisting from several major exchanges like Coinbase, causing significant market turmoil. However, last year’s ruling that XRP is not a security has provided a crucial lifeline, allowing the token to regain some stability.
For now, Ripple’s prospects look cautiously optimistic. Legal experts Fred Rispoli and James Murphy are hopeful that Torres will issue a decision in early August. Despite this optimism, pending motions before Judge Sarah Netburn could further delay the process. Ripple has scored several victories throughout the case, putting the SEC in a tough spot.
However, uncertainty remains. Legal analysts suggest that both Ripple and the SEC could appeal any unfavorable rulings, extending the lawsuit. Mickel, a crypto enthusiast, believes that this lawsuit is the weakest case before the SEC, making an appeal less likely. This perspective could influence how both parties approach the impending decision.
The impact of the ruling will extend far beyond Ripple. An unfavorable decision for Ripple could have serious consequences, including potential business ramifications and strained relations with the SEC. While monetary penalties may not significantly impact Ripple, the injunction could have a detrimental effect on its operations.
XRP Army Slams Bloomberg Analyst, XRP Rises Despite Controversy
As analyst Jaydee highlights, examining the XRP price trend reveals important support and resistance levels. Long-term trend lines show the 10-year trend line as an important support level, while the 7-year trend line acts as a major resistance.
The recent break of the 4-year trendline has led to an upward price movement. Notable support levels include the orange box and the Fibonacci retracement levels at $0.4354 and $0.2889. Resistance remains at the 7-year trendline, with a decisive break above $0.75 required for further gains.
Source: X
Indicators such as the stochastic RSI and the moving average convergence divergence (MACD) point to potential upside if current conditions persist. Historical movements show that breaking long-term resistance often leads to significant price increases. Therefore, the current developments may pave the way for another major upside move.
At the time of publication, XRP was trading at $0.608814, with a 24-hour trading volume of $940,314,856. The token has seen a slight increase of 0.56% in the last 24 hours.
The post Will XRP Break Resistance? Community Awaits Judge Torres’ Final Settlement was first published on CryptoTale.
