- Ripple’s (XRP), which is awaiting a ruling from a judge on the SEC lawsuit, maintains its stability at $0.51. It also announces plans to extend its services into 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 also announced that it would expand its service 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 – Ripple’s Middle East and Africa Managing director – highlighted that although the company has primarily been associated with payments solutions, the firm intends on venturing into “crypto-native services” For example, custody.
https://x.com/sentosumosaba/status/1791331629220438046
Ripple also aims at bolstering support for its XRP Ledger Program in the Middle East, Africa and Asia, as a complement to the existing services it offers.
The XRP Price Action
In the moment of this writing, XRP’s price on Binance is $0.5155. The altcoin, in a bullish scenario may aim for the psychologically-significant level of $0.5155, but will encounter resistance near $0.53. 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 is at 47.33. This indicates that the market may be nearing neutral. The bullish outlook 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 currently deciding whether to issue an injunction and determine penalties for securities law violations against Ripple.
According to the Washington Post, Stuart Alderoty – Ripple’s Chief Legal officer – praised a recent Capitol Hill voting, which highlighted a bipartisan agreement against what was perceived as an overreach of SEC Chairman Gary Gensler within the cryptosphere. Crypto News Flash report.
SAB 121 has been repealed by the US Senate after it 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 analysts think that the Ripple lawsuit settlement can boost the XRP to $1.
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Source: www.crypto-news-flash.com
