- XRP price targets $2 after a Symmetrical Triangle breakout on the weekly chart.
- Ongoing SEC v. Ripple lawsuit sees potential delay, adding to market suspense.
The cryptocurrency XRP has seen a significant rally, drawing the attention of investors and crypto enthusiasts alike. As of Thursday, the price of XRP surged towards the $0.64 mark, with the altcoin hitting $0.58 and comfortably sustaining above the crucial support level at $0.55.
This upward trajectory underscores a robust uptrend that has the crypto community buzzing with anticipation.
Legal Controversies: Ripple’s Battle with the SEC
Adding a layer of intrigue to XRP’s market movements are recent revelations from court documents that have come to light, alleging Ripple’s involvement in using bots for market manipulation.
According to the documents, Ripple, in collaboration with market maker GSR Markets, potentially engaged in activities to stabilize or elevate the price of XRP during 2015 and 2016.
I make no claims about what has been said, but the doc describes the opposite of price suppression – Ripple was using bots to stabilize and boost price in 2015, '16. pic.twitter.com/ziIbPxnI0Y
— WrathofKahneman (@WKahneman) February 28, 2024
This development ties back to the ongoing SEC v. Ripple lawsuit, which now seems poised for further delays as both parties have agreed to a deadline extension, a move requested by the regulator.
The legal battle took a new twist with the emergence of court documents shared by an active member of the crypto community on X, known by the handle @DarkhorseDNME4.
🫡🫡🫡 For all those who want to know how the xrp 2t 6t bots were used and GSR was employed to sell and buy and the effects on the price, I finally found the document that explains it all. Including Brad and Chrises bots.
Apologies for the delay. https://t.co/DIEsbtn6Jq pic.twitter.com/kj4WRvbnX8— ĐΛRKHØRSΞ™ (@DarkhorseDNME4) February 28, 2024
These documents suggest that Ripple might have employed bots to artificially inflate the price of XRP, a tactic that has drawn scrutiny and speculation regarding its impact on the lawsuit’s outcome.
Technical Breakthrough: Bullish Prediction
Amid these legal entanglements, a tweet from popular crypto analyst Captain Faibik has captured the market’s imagination. Captain Faibik’s analysis points to XRP’s readiness to soar after breaking out from a Symmetrical Triangle pattern on the weekly time frame.
Don't forget to Buy Some $XRP #XRP for the Midterm..✍️ pic.twitter.com/cVLZa2eWSV
— Captain Faibik (@CryptoFaibik) February 28, 2024
This technical formation is often seen as a precursor to significant price movements, and in XRP’s case, Captain Faibik targets an ambitious $2 price point in its trajectory. This prediction not only highlights the potential for substantial gains but also reflects the optimism pervading the XRP community despite the ongoing legal challenges.
At the time of writing, the price of XRP has risen 1.79% in the last 24 hours, reaching a price of $0.5958. This represents an increase of 8.89% over the past 7 days.
Market Watch: The Future of XRP Amid Legal Scrutiny
The SEC’s recent request for a deadline extension in remedies-brief filing, which Ripple has agreed to, suggests a strategic move that could provide Ripple with additional time to prepare its opposition to the SEC’s filings.
#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has requested a change to the remedies briefing deadlines, asking that: (1) the @SECGov’s opening brief deadline be extended to March 22, 2024, (2) @Ripple’s deadline to file its opposition brief be extended to April 22, 2024, and (3)… pic.twitter.com/ZvCixNdLMm
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 28, 2024
This development adds another layer of complexity to the unfolding legal narrative, with potential implications for XRP’s market dynamics.
On other hands, the World Bank has recognized Ripple’s XRP as a stable and viable option for cross-border payments, marking a significant milestone in the cryptocurrency’s journey towards mainstream financial acceptance.
This acknowledgment underscores XRP’s growing influence and potential in global finance, solidifying its position as a key player in the digital currency space. As previously reported by ETHNews.