- XRP price outlook is bullish as the asset tests the supply zone at $0.5174.
- Pro-XRP attorney John Deaton shared his views on the likelihood of a settlement by the SEC in its lawsuit against Ripple.
- Ripple CEO Brad Garlinghouse critiques the SEC and Chair Gary Gensler for their stance on the crypto ecosystem.
XRP price's long-term outlook is now bullish, as the altcoin sustains above critical support at $0.50. Several bullish developments have likely catalyzed the altcoin’s recovery. The possibility of a settlement in the Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse’s statements in Mainnet 2023 set the stage for recovery.
Also read: Robert Kiyosaki warns of stock crash, says Bitcoin is a bargain today
XRP price recovery likely to continue with settlement in SEC vs. Ripple case
In a recent X.com space, pro-XRP attorney John Deaton shed light on the likelihood of a settlement in the SEC vs. Ripple lawsuit. The lawyer explained how the SEC could consider settling with Ripple if the outcome did not influence its litigation against other cryptocurrencies and firms. In the case of Ripple, the status of XRP as a security or non-security has a direct impact on the regulator’s lawsuit against Coinbase.
The SEC is, therefore, less likely to settle the case with Ripple and rather pursue the interlocutory appeal in an attempt to overturn Judge Analisa Torres’ ruling, according to Deaton.
Ripple executives call out SEC and Chair Gary Gensler for approach on crypto
CEO Brad Garlinghouse has expressed his discontent with the US financial regulator in interviews and appearances, like the one on September 20 at the Mainnet 2023 event. Garlinghouse took to the stage to critique the stance of the SEC and Chair Gensler on the crypto ecosystem. Find out more about it here.
XRP price outlook turns bullish
Lockridge Okoth, a technical analyst at FXStreet, evaluated the XRP price chart and shared his outlook on the altcoin. Okoth notes that the asset is currently testing the supply zone at $0.5174 and that la successful breach of this level could push XRP price to $0.5337. This level is significant as it marks the mean threshold of the zone and a decisive break would give bulls an opportunity to push XRP price higher.
XRP/USDT one-day price chart on Binance
Okoth believes that a rejection from the $0.5337 level could push XRP lower to test the foot of the uptrend at $0.4600. At the time of writing, XRP price is $0.5166 on Binance.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Turn off Solana and win $400,000 - Solana Foundation executive announces offer
Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.
Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss
Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.
Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits.
Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion
Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient.
Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.