XRP and the latest update on Ripple lawsuit: What to expect this week
According to Santiment data, Ripple active addresses have risen in the past couple of days, suggesting a flurry of trading activities.
For two weeks, XRP traders have sold their tokens for profit, increasing the selling pressure.
Sundays profits were around 2% as psychological support at $0.60 was held by XRP.
Fred Rispoli attorney says Ripple supporters hope an SEC verdict may be reached before July ends.
Ripple (XRP) increased by around 2% early Sunday morning. It is perhaps excited about Donald Trump’s speech during Bitcoin conference and recent BTC gains that helped XRP stay above $0.60.
Update on Ripple lawsuit
Judge Analisa Torres decision awaits SEC’s case against Ripple. Gary Gensler would be “let go day one” when Donald Trump becomes president stated at a bitcoin event.
Thus it remains unclear whether Trump’s victory in November may affect the ripple litigation or not given that he promised crypto backers a new SEC Chair and an end to Biden-Harris’ anti-crypto stance.
In interviews, Brad Garlinghouse who is ripple CEO has consistently criticized regulation by enforcement approach of the SEC and its lack of clarity in crypto regulation.
Fred Rispoli, lawyer projects a lawsuit judgment on July 2024.
This pro-crypto attorney predicts that there will be judgment for SEC vs. Ripple on July 13, 2021.
On-chain stats are mixed
Address activity doubled since Friday. Acitve addresses over weekend double those from Friday as seen on Santiment table below showing rising trading activity that indicates importance and demand for XRP.
#XRP #Ripple $XRP #Bitcoin_Coneference_2024
The daily chart below shows the XRP/USDT which might lead to liquidity collection within Fair Value Gap (FVG) between $0.5945 – $0.5783 levels where XRP could rebound from $0.5632 when filled. It is the 50% Fibonacci retracement of the downfall from $0.7440 on March 11 to $0.3823 on July 5.
XRP could possibly rise by 11% towards 78.6% Fibonacci retracement zone at $0.6666.
