According to CryptoPotato, Ripple is currently dealing with legal issues involving the US Securities and Exchange Commission (SEC) and a civil lawsuit against its CEO, Brad Garlinghouse. Despite these challenges, the price of XRP, Ripple's cryptocurrency, remains steady around $0.50. Some analysts predict significant gains if certain technical patterns form.
The SEC's Chief of the Crypto Asset and Cyber Unit in the Division of Enforcement, David Hirsh, recently resigned after nearly a decade with the agency. There were rumors that Hirsh would join pump.fun, a Solana-based marketplace, but he has denied these claims. In addition to the SEC case, Ripple is also facing a civil securities lawsuit for allegedly misleading statements made by Garlinghouse in a 2017 interview. The CEO claimed to be 'very, very long' on XRP, but allegedly sold millions of tokens that same year.
Ripple also made headlines with the announcement of a new stablecoin, Ripple USD (RLUSD), which is pegged to the American dollar. The stablecoin will be available on the XRP Ledger and Ethereum and is set to launch in 2024.
Despite recent market fluctuations, XRP's price has remained stable, hovering around $0.50 and experiencing a 3% spike on a weekly scale. Analyst EGRAG CRYPTO predicts that XRP could form a 'perfect Hammer formation,' which could lead to a 'mega pump' if it closes above $0.55-$0.58 by the end of June. The analyst also suggested that XRP could see a pump of around 1700% ($8) starting in July 2024. Another analyst, JAVON MARKS, also forecasted a potential price explosion to $20 or higher if XRP mirrors its performance from previous years.
