XRP price resumes climb as market anticipates the impact of new information on SEC v. Ripple lawsuit

20 February 2024

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XRP price increased slightly on Tuesday, climbing to $0.5741 on February 20.
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 climbed 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, remedies, in its legal battle.

New information from the financial statements and institutional sales contracts shared by Ripple could 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.

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

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