Ripple Clarification Fuels XRP Rally: Can It Break $0.50?

XRP is stuck in neutral as Ripple and SEC Lawsuit continues. The price of Ripple(XRP) is currently trading at $0.50, struggling to break above the key resistance level for several days. While XRP holders hoped for a settlement between the SEC and Ripple, recent news suggests the lawsuit is ongoing.

No Pre-Trial Conference, But Legal Battle Continues:

There was some confusion about a pre-trial conference, but Ripple’s Chief Legal Officer clarified that it didn’t happen. Instead, Ripple will be filing a response to the SEC’s request for penalties by April 22nd. The SEC is then expected to reply by May 6th.

This news dampens hopes for a quick settlement. The SEC is reportedly requesting a hefty $2 billion in fines and penalties from Ripple.

XRP Ledger Hackathon Ends Successfully:

Despite the ongoing legal battle, there’s positive news for the XRP ecosystem. The recent XRPLedger hackathon concluded successfully, with over 55 projects launched and strong developer participation.

Technical Analysis: XRP Faces Uphill Battle:

XRP’s price is stuck below $0.50 for the day in a row. This level has historically been a significant support for XRP, but breaking through it is proving difficult. Momentum indicators like RSI suggest a lack of strong buying pressure for XRP. The price needs a daily close above $0.50 to break free from this current resistance zone.

What To Watch Next?

Investors should monitor two key indicators influencing XRP’s price:

• Lawsuit Developments: Any updates on the SEC lawsuit could impact XRP’s price significantly.
• Technical Indicators: A daily close above $0.50 for XRP could trigger a price increase towards $0.53 and potentially $0.64.

Conclusion:

While the SEC lawsuit continues to cast a shadow over XRP, the successful hackathon demonstrates the ongoing development within the XRP ledger ecosystem. For XRP’s price to rise, it needs to overcome the $0.50 resistance level and see a shift in momentum. Keeping an eye on both the legal battle and technical indicators will be crucial for understanding XRP’s future direction.

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