XRP’s price surged to $0.7440 (approximately R13.95) on Monday, marking a new peak for the year after persistently trading below the $0.66 (approximately R12.38) mark. This rally, which slightly tapered off on Tuesday, is believed to be fueled by the XRP community’s anticipation of the upcoming SEC lawsuit against Ripple and the adoption of the Automated Market Maker (AMM) amendment for the XRP Ledger.
Coinbase’s recent legal challenge against the US SEC has shed light on the regulatory body’s inconsistent approach to digital assets, stirring significant discussion within the XRP community and among legal experts supporting Ripple. This challenge could potentially influence the ongoing SEC vs. Ripple lawsuit.
Coinbase, a leading global cryptocurrency exchange, has filed a motion highlighting the SEC’s contradictory statements regarding digital assets between 2018 and 2021. This filing is crucial as it not only challenges the SEC’s allegations against Coinbase for selling unregistered securities but also questions the SEC’s jurisdiction over digital assets. The outcome of Coinbase’s challenge is closely watched, as it may have direct implications for Ripple’s legal battle.
The ongoing SEC lawsuit continues to impact XRP’s market price and the sentiment among holders, especially in South Africa, where the cryptocurrency market is keenly observing these developments. XRP, one of the key assets held by cross-border payment firm Ripple, remains a focal point of this legal scrutiny.
Technical analysis suggests that XRP is on an upward trajectory, having reached a year-to-date high of $0.7440 (approximately R13.95) and finding strong support at the $0.6886 (approximately R12.92) level. This level aligns with the 78.6% Fibonacci retracement of its recent surge to the 2024 high. With targets set towards the November 2023 high of $0.7500 (approximately R14.07), XRP’s price correction to $0.6940 (approximately R13.02) on Tuesday is seen as a temporary setback, with support levels identified at $0.6886 (approximately R12.92) and $0.6452 (approximately R12.10), corresponding to the 78.6% and 61.8% Fibonacci retracement levels, respectively.
Momentum indicators like the Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO) underscore the positive trend in XRP’s performance. These developments, combined with the legal challenges against the SEC, position XRP as a cryptocurrency of interest for investors and traders in South Africa, reflecting the broader implications of regulatory actions on the digital asset market.
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