XRP, Ripple’s native cryptocurrency, experienced a 4.5% price increase to $0.56 within the last 24 hours. The surge is attributed to the latest developments within Ripple, updates in the SEC v. Ripple lawsuit, and there’s a sense of anticipation as Ripple CTO David Schwartz prepares to reveal XRPLedger’s plans for 2024.
XRPLedger’s Vision for 2024
David Schwartz, the visionary driving Ripple’s technological advancements is set to shed light on the ongoing XRPLedger’s progress in interoperability, and EVM integration, on 27th Feb 2024.
However, developers are eagerly awaiting the revelations about the solutions for smart contract execution and the convergence of AI with blockchain technology on XRPLedger.
Meanwhile, the announcement of Ripple’s 2024 roadmap has sparked excitement among XRP holders, leading the altcoin to recover its recent losses.
Adding to the positive market sentiment is Ripple’s strategic partnership with a Silicon Valley-based blockchain and AI firm. This collaboration aims to implement multi-asset tokenization on XRPLedger, promising increased accessibility and heightened liquidity for cryptocurrencies.
SEC v Ripple Case Update
As the legal saga unfolds, the SEC v Ripple lawsuit is scheduled for a significant update on March 13, 2024. The SEC is expected to file a remedy-related brief, where arguments for punitive penalties due to Ripple’s alleged sale of unregistered XRP to US institutional investors will likely take center stage.
Ripple must respond with its remedy-related brief by April 12, with the penalty likely dependent on net proceeds from XRP sales to non-exempted US institutional investors.
XRP Price Analysis
XRP’s price analysis reveals a bullish near-term signal as it hovers above the 50-day EMA but remains below the 200-day EMA, signaling a bearish longer-term outlook. A break above the 200-day EMA could propel XRP towards the $0.5835 resistance level.
Conversely, a break below the 50-day EMA and $0.5470 support level may trigger a bearish move towards the $0.5042 support level. The 14-day RSI reading of 54.24 indicates a potential move to the $0.5835 resistance level before entering overbought territory.
XRP’s recent climb to $0.56, surpassing the key resistance at $0.55, suggests a positive turn in the altcoin’s fortunes after wiping out losses from the previous week.
