- XRP price printed three consecutive green candles on its daily chart as the altcoin climbed past resistance at $0.50.
- Lawyers are exploring the possibility of a potential settlement and resolution between the SEC in light of new developments in the Coinbase lawsuit.
- Attorney John Deaton says if Coinbase’s motion to dismiss is granted, it would indicate that token sales are not subject to US securities laws.
XRP price rallied past the resistance at $0.50, as bulls took control of the altcoin’s upward trend on the daily price chart. There are two key market movers for XRP price: the likelihood of a settlement in the US Securities & Exchange Commission v. Ripple lawsuit and Coinbase’s separate motion to dismiss the lawsuit brought by the financial regulator.
The two catalysts strengthen the bullish thesis for XRP, as analysts set a $0.81 target for the altcoin.
XRP price prints steady gains amidst SEC v. Ripple lawsuit developments
Recent developments in the SEC v. Ripple lawsuit are the payment firm’s filing against the regulator, where Ripple argues that the grounds for appeal was “dissatisfaction” with Judge Torres’ ruling.
Lawyers representing the payment firm believe that the regulator’s request for an appeal does not meet the requirements for the same. In their September 1 filing with the US District Court for the Southern District of New York, lawyers said that the appeal lacks “exceptional circumstances required for interlocutory appeal.”
Amid these developments, lawyers explored the likely settlement between the regulator and payment giant Ripple. Settlement, however, depends on the outcome of a motion filed by one of the largest cryptocurrency exchanges, Coinbase, in a lawsuit brought against the platform by the US SEC.
How Coinbase’s motion to dismiss SEC’s lawsuit fuels bullish thesis for XRP
In the lawsuit brought by the SEC, Coinbase has filed a motion for dismissal. If this motion is accepted by the court, it is likely to influence the lawsuit against Ripple as well. Pro-XRP attorney John Deaton said, that acceptance of Coinbase’s motion would imply that transactions on exchanges do not fall under US securities laws.
The only way @Ripple and the @SECGov settle before the end of the year is if Judge Failla grants the @coinbase MTD (or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws but allows the staking component… https://t.co/0KzGT1l0OI
— John E Deaton (@JohnEDeaton1) September 2, 2023
This ruling is likely to “force” the SEC and Chair Gary Gensler to pivot, thus favoring a settlement in the agency’s lawsuit against Ripple and its executives, according to Deaton.
XRP price eyes $0.8193 target as bulls steer the altcoin higher
XRP price is currently in an uptrend that is likely to continue if the profit-taking appetite of bulls is in check. After printing three consecutive green candles on the daily chart, there is a rise in buying pressure in the altcoin.
Lockridge Okoth, a technical analyst at FXStreet, has set a $0.8193 target for the altcoin. Okoth believes that once XRP price crosses the hurdles at $0.5667 and $0.6840, a solid move to the $0.8193 level is probable.
XRP/USDT one-day price chart on Binance
XRP price needs to sustain its bullish momentum to breach several resistance levels to hit the $0.8193 target. Okoth identified a bullish crossover in the Relative Strength Index (RSI) that adds to the narrative of a sustained uptrend in the altcoin.
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.
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.
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.
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: