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- XRP price increases slightly on Tuesday February 20, climbing to $0.5741.
- The remedies phase of the SEC v. Ripple lawsuit begins on Wednesday and discovery is expected to end.
- New information in the SEC lawsuit could influence the outcome of the legal battle between the two parties.
XRP price climbs to a high of $0.5741 on Tuesday, rallying towards its $0.60 target. The altcoin is in an uptrend, as the SEC v. Ripple lawsuit enters a new phase in its legal battle, known as “remedies”. The remedies phase could result in a declaratory judgment on the issue before the court, damadges being awarded and or sanctions being imposed.
In Judge Torres’ original ruling, Ripple was in violation of securities law only in sales to instiutional clients, not to retail investors, and it is still possible new evidence from the financial statements and institutional sales contracts shared by Ripple, could come to light and influence the outcome of the SEC v. Ripple lawsuit.
Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit
Daily Digest Market Movers: Key deadline in SEC v. Ripple lawsuit, new information to surface
- As the remedies-related discovery phase draws to an end, it is likely that new information surfaces in the legal battle between the SEC and Ripple.
- The regulator has asked for Ripple’s financial statements and the post-complaint (post SEC’s lawsuit) institutional sales of XRP.
- The information from these documents could influence the SEC’s ask in terms of a fine if there is a breach of securities laws and the overall outcome of the lawsuit.
- The deadline is Tuesday, February 20, the legal battle enters a new phase of “remedies.”
- Ripple’s partial win in the legal battle pushed XRP price to its 2023 peak, therefore, XRP holders have their eyes peeled for the outcome of the remedies-related discovery phase as it draws to a close.
Technical analysis: XRP price could rally to its 2024 peak of $0.6405
XRP price is currently in an uptrend. The altcoin eyes its 2024 peak of $0.6405 as a target for its rally. XRP price could face resistance at the 78.6% Fibonacci retracement of its decline from its 2024 peak, at $0.6073.
The Moving Average Convergence Divergence (MACD) indicator and the Awesome Oscillator (AO) both support XRP’s uptrend and signal that there is positive momentum.
XRP/USDT 1-day chart
In the event of a decline in XRP price, the altcoin could sweep support at $0.5248 before bouncing back above the 38.2% Fibonacci retracement at $0.5446 and re-attempting a rally to $0.6405.
Cryptocurrency prices FAQs
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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