- With the four-year legal saga finally closing its curtains, XRP is ready for its big debut on the mainstream stage, courtesy of Ripple Labs’ payment wizardry.
- For XRP to avoid a dramatic market nosedive, it must cling to its support level of about $2 like a cat to a warm laptop.
In a twist that could only be described as a plot twist worthy of a soap opera, the Donald Trump administration has been checking off its crypto promises like a kid with a Christmas list. The replacement of Gary Gensler with the ever-so-chummy SEC chair Paul Atkins has sped up the resolution of several web3-related cases, including those pesky ones against Ripple and Binance. Who knew politics could be so… entertaining?
SEC vs Ripple Case Update
Earlier on this fine Wednesday, during what can only be described as the mid-North American trading session (a time when most people are still waking up), James K Filan, a lawyer with a penchant for drama, released court documents dated April 16 regarding the SEC vs Ripple appeal. Spoiler alert: it’s not a cliffhanger.
According to the court documents, Circuit Judge José A. Cabrenas has granted a joint motion, filed by the U.S. SEC and Ripple, to temporarily suspend their appeals. It’s like putting a pause button on a particularly intense game of chess.
“The parties jointly move to hold this appeal in abeyance, with the U.S. SEC directed to file a status report within 60 days of this order,” the court order noted, sounding suspiciously like a polite request for a coffee break.
Meanwhile, Ripple Labs has agreed to cough up a $50 million fine to settle this long-standing case. That’s one expensive cup of coffee!
XRP Price Analysis
After wrapping up the first quarter with a frown, XRP has been trying to put on its best bullish face in recent weeks. This large-cap altcoin, boasting a fully diluted valuation of about $206 billion and a 24-hour average volume of about $3.45 billion, is forming what could be a potential reversal pattern. It’s like watching a caterpillar turn into a butterfly, but with more spreadsheets.
The XRP price, when measured against the U.S. dollar, has formed a possible inverse head and shoulders pattern—no, not a fashion statement, but a technical analysis term—along with a bullish divergence of the daily Relative Strength Index (RSI). If XRP can hold above the support level of around $2 and stay above the YTD falling logarithmic trend, we might just see a target of between $2.8 and $3. It’s like aiming for the stars, but with a safety net!
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2025-04-16 21:55