- Ripple maintains its $0.51 price in anticipation of the court’s ruling regarding its SEC case, and also has plans to expand their services across Africa.
- Market sentiment is largely influenced by the outcome of the Ripple SEC case, as Ripple has been mandated to submit counterbriefs along with the SEC before May 20..
The price of Ripple (XRP), which is a cryptocurrency, remained near $0.51 Friday. It was above the important psychological level, $0.50. Traders are awaiting the verdict in the case against the US Securities and Exchange Commission. Ripple announced additional commitments for expanding its services in Africa.
Ripple’s and XRP’s primary services include payment-remittance, but the company plans to extend its services into other areas such as crypto-native custody. In response, ripple plans to launch XRP Ledger in Africa and provide custodial service.
Reece Merrick is the Managing Director of Ripple for the Middle East and Africa. He highlighted the fact that the company, while primarily known as a payment solution, intends to expand into other areas. “crypto-native services” Such as the custody.
https://x.com/sentosumosaba/status/1791331629220438046
Ripple aims also to boost support for the XRP Ledger in Africa and the Middle East. This will complement its current suite of services.
The XRP Price Action
At the time of writing, Binance has XRP priced at $0.55155. If the scenario is bullish, the altcoin could target the psychologically important level of $0.60. It may encounter interim resistance around $0.53 on its rise. The Moving Average Convergence Divergence (MACD) indicator supports this upward momentum, with the MACD line crossing above the signal line—a bullish signal—and the green histogram bars rising above the neutral line.
Relative Strength Index stands at 47.33 and indicates close proximity to neutral. The bullish forecast could be invalidated if the price closes below $0.5045. This is the Fibonacci 38.6% level for the last decline. In this scenario, XRP may seek to liquidate around the $0.4866 low from May 13.
Ripple SEC Lawsuit Development
Ripple, the SEC, and all other parties involved must submit their counter-briefs by the 20th of May to the motions made in the form of omnibus letters. Court is deliberating whether to issue an injunction and determine penalties for securities law violations against Ripple.
Stuart Alderoty (Ripple’s Chief legal officer) lauded a recent Capitol Hill votes, showing a consensus among both parties against the perceived overreach in crypto by SEC chairman Gary Gensler, according to The Crypto News Flash report.
SAB 121 was repealed after the US Senate passed the Congressional Review Act. The regulation required companies to list crypto assets owned by clients on their balance sheet. This included banks. SAB 121 has been repealed. This shows a resistance to stricter crypto regulation.
Several market experts believe the Ripple settlement with the SEC can drive the XRP up to the $1.0 mark.
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Source: www.crypto-news-flash.com