XRP Price Achieves New 2024 High: Reaches $0.74, New Revelations in Ripple vs SEC Lawsuit

XRP is preparing for a major breakout in the monthly timeframe. Closing outside this massive triangle pattern could initiate the largest bull run rally XRP has ever experienced! 

Are XRP bulls on thin ice? Price stalls at resistance – will it break or break down?

XRP made headlines on Monday as it surged to a new year-to-date high of $0.7440, marking a significant milestone for the altcoin. This rally, which saw XRP break through the $0.66 resistance level it had been struggling with for weeks, is attributed to several key factors, including anticipation surrounding the upcoming deadline in the SEC vs. Ripple lawsuit and the recent approval of the Automated Market Maker (AMM) amendment for XRP Ledger.

Coinbase’s Legal Filing Reveals Regulatory Contradictions

Based on Ripple vs SEC case, Coinbase, filed a motion against the SEC, revealing the regulator’s conflicting attitude on digital assets. The SEC’s 2018–2021 comments regarding cryptocurrencies were inconsistent, according to the complaint. Coinbase contests the SEC’s power over digital assets, therefore the Ripple lawsuit’s decision affects its challenge to the sale of unregistered securities.

Cheering the move, Bill Morgan, blasts the SEC’s contradictory positions in the Ripple case and William Hinman’s speech, as highlighted in a table from Coinbase’s filing. He labels the SEC’s actions as an “incompetent shit show” and questions the regulator’s credibility amid claims of regulatory clarity.

XRP Eyes November 2023 High

With a mysterious entry of a whale transferring a huge amount of XRP from Binance, Ripple is back into the limelight. Further, the rising momentum of the bull market increases the likelihood of a bull run in XRP price. 

Technically, XRP’s price outlook appears bullish, as the altcoin has stabilized above critical support levels. Despite a slight correction to $0.6940 on Tuesday, XRP is well-supported at the 78.6% and 61.8% Fibonacci retracement levels, suggesting a solid base for potential upward movement. Additionally, indicators like the Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO) signal positive momentum in the XRP/USDT trading pair, further bolstering the current uptrend.

In simple terms, if XRP manages to stay above key support levels, it could aim for a price target of $0.7500, which was last seen in November 2023. But if it falls below a specific level of around $0.6886, it might experience a temporary drop to around $0.6147 before potentially bouncing back.

Amidst the rising optimism, buyers expect the XRP price to cross the $1 mark. Further, questions like “Is XRP a good investment?”  or “Will XRP price reach $1?” are buzzing the market.