Here’s Everything That Happened in Ripple (XRP) This Week (Recap)

TL;DR

Ripple faces ongoing legal challenges with the SEC and a civil lawsuit against CEO Brad Garlinghouse. The price of XRP is holding steady around $0.50, with analysts predicting potential significant gains if certain technical patterns form. What’s new around Ripple?

The news surrounding the company has mainly focused on the lawsuit against the US Securities and Exchange Commission (SEC). Earlier this week, the regulator saw the resignation of its head of the enforcement division’s Crypto and Cyber ​​Assets Unit, David Hirsh.

He spent almost a decade with the agency, with some speculating that he will start working for pump.fun (a Solana-based marketplace that allows users to create and distribute their own tokens). Hirsh called the rumors “false.”

In addition to its case against the SEC, Ripple faces another civil securities lawsuit over “misleading statements” made by its CEO, Brad Garlinghouse, in a 2017 interview. At the time, the executive said it was “ very, very long” in XRP, while actually “selling millions” of tokens in the same year (the suit alleges).

Another development that made headlines this year is the announced launch of a Ripple stablecoin. A week ago, the firm revealed that the financial product linked to the US dollar will be called Ripple USD (RLUSD). It will be available on XRP Ledger and Ethereum and will go live later in 2024.

XRP Price Outlook

Despite the recent pullback from the market, XRP has been quite stable, hovering around the $0.50 mark and up 3% on a weekly basis.

One person who believes the asset is poised for much more substantial gains in the future is user X EGRAG CRYPTO. The analyst claimed that XRP could form a “perfect hammer formation,” which could be followed by a “mega bomb” if it closes above $0.55-$0.58 by the end of June.

“If we get Hammer 2, we expect a bomb of 1700% ($8) from July 2024. If we need Hammer 1, we may have to wait another 6 months, but the bomb will be EPIC, about 5500% , which will take us to $27,” the trader added.

Prior to this, EGRAG CRYPTO predicted an XRP rally based on the relative strength index (RSI) low recently. The technical analysis tool measures the speed and change of price movements and ranges from 0 to 100. A ratio above 70 indicates that the asset could be overbought and headed for correction. The data shows that this level was crossed only three times throughout June, currently sitting around 50.

JAVON MARKS was also bullish, predicting a price explosion to $20 “and even higher” if XRP mirrors its performance in previous years.

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