Ripple (XRP) remains steady at around $0.51 while awaiting a court ruling on its lawsuit with the SEC. In the meantime, the company has unveiled plans to expand its services in Africa.
The outcome of the Ripple SEC lawsuit is crucial for market sentiment, and Ripple is required to file counter briefs alongside the SEC by May 20th.
Ripple (XRP) is maintaining its value near $0.51, staying above the important psychological level of $0.50 as traders eagerly await the court ruling in the lawsuit against the US Securities and Exchange Commission (SEC). Additionally, Ripple has announced its intention to expand its services in Africa.
Although Ripple and XRP are mainly known for their payment-remittance services, the company is now looking to broaden its scope and offer crypto-native services such as custody. As part of this plan, Ripple intends to launch XRP Ledger and custodial services in Africa.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized that while the company is primarily associated with payment solutions, it aims to venture into “crypto-native services” like custody.
Furthermore, Ripple aims to strengthen support for the XRP Ledger program in the Middle East and Africa, complementing its existing range of services in the region.
XRP is currently priced at $0.5155 on Binance. In a bullish scenario, the altcoin could target the significant level of $0.60, encountering resistance at $0.53 along the way. The Moving Average Convergence Divergence (MACD) indicator supports this upward momentum, with the MACD line crossing above the signal line and the green histogram bars rising above the neutral line, indicating a bullish signal.
The Relative Strength Index (RSI) stands at 47.33, suggesting proximity to the neutral zone. However, a close below $0.5045, which represents the 38.6% Fibonacci retracement level of the previous decline, could invalidate the bullish outlook. In such a scenario, XRP might seek liquidity around the low of May 13 at $0.4866.
In terms of the Ripple SEC lawsuit, Ripple is required to submit counter briefs by May 20th, along with the SEC and other parties involved. The court is currently considering the possibility of issuing an injunction against Ripple and determining penalties for securities law violations.
Stuart Alderoty, Ripple’s Chief Legal Officer, praised a recent Capitol Hill vote that demonstrated bipartisan agreement against what is perceived as overreach by SEC Chairman Gary Gensler in the crypto sphere.
The US Senate has passed the Congressional Review Act (CRA), leading to the repeal of SAB 121. This regulation would have required companies, including banks, to include client-owned crypto assets on their balance sheets. The repeal of SAB 121 indicates a growing resistance to strict crypto regulations.
Many market analysts believe that a settlement in the Ripple SEC lawsuit could potentially propel the XRP price to $1.0.
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