Can XRP Surge to $1 Following SEC Lawsuit Resolution?

On Jun 18, 2024

With all eyes on the legal conflict, Ripple (XRP) could be prepared to target $1 following a resolution to its lawsuit with the US Securities and Exchange Commission (SEC). The agency has recently revised its penalty. It is now asking the court to approve $102.6 million in fines to be paid by the company, as opposed to the original $2 billion request.

Ripple had recently cited the Terraform Labs settlement to reduce the penalty request. The latter’s settlement with the SEC resulted in a $4.5 billion fine. Yet, the ongoing discussions have signaled an end to the case is nearing.

Also Read: Ripple’s XRP To Rally Over 900% to $7.29: Predicts Analyst

Ripple and SEC Settlement Could Be Catalyst for XRP Rally

Over the past week, Ripple (XRP) had observed a rather surprising value increase. Despite an overall market downturn, the asset had surged more than 202% in trade volume as it decoupled from a declining Bitcoin. Although it had maintained its position above $0.50, that changed with a recent 6% downturn in the last 24 hours, according to CoinMarketCap.

Still, there is hope for the cryptocurrency ascension in the near future. The marker is carefully observing Ripple (XRP) and a potential $1 surge as a conclusion to its legal battle with the SEC is approaching. One report suggests that XRP is among the few tokens’ to be performing positively in the last few weeks.

Also Read: Germany’s Stock Exchange Projects Ripple XRP To Reach $10

A recent CoinShares report identifies XRP enjoying the largest inflows Tuesday. Specifically, it led all altcoins with $1.1 million and was behind only Ethereum’s $13.1 million. XRP is currently facing a multi-year support level within a defined triangle pattern. Breaking away from that could lead to a rally far beyond the $1 mark.

A lot of that depends on the ongoing legal conflict, and when it could finally come to an end. Ripple CEO Brad Garlinghouse recently discussed the matter. He noted that a conclusion should be expected by the end of summer. Specifically, he expressed late September as a possible conclusion date.