Here’s Everything That Happened to Ripple (XRP) This Week (Recap)

TL;DR

• Ripple faces ongoing legal challenges with the SEC and a civil lawsuit against CEO Brad Garlinghouse.
• XRP’s price remains stable around $0.50, with analysts predicting potential significant gains if certain technical patterns form.

What’s New Around Ripple?

The news surrounding the company have been mainly centered to the lawsuit against the US Securities and Exchange Commission (SEC). Earlier this week, the regulator saw its Chief of the Crypto Asset and Cyber Unit in the Division of Enforcement – David Hirsh – resigning. 

He spent almost a decade with the agency, and some speculating that he will start working for pump.fun (a Solana-based marketplace that enables users to create and distribute their own tokens). Hirsh labeled the rumors “false.”

Besides its case against the SEC, Ripple faces another civil securities lawsuit for “misleading statements” made by its CEO, Brad Garlinghouse, in a 2017 interview. Back then, the exec said he was “very, very long” on XRP, while in reality, he “sold millions of” tokens in that same year (the lawsuit alleges). 

Another development that made the headlines this year is the announced launch of a Ripple stablecoin. A week ago, the firm revealed that the financial product pegged to the American dollar will be called Ripple USD (RLUSD). It will be available on the XRP Ledger and Ethereum and will go live later in 2024.

XRP Price Outlook

Despite the recent market retreat, XRP has been rather stable, hovering around the $0.50 mark and spiking by 3% on a weekly scale.

One person who believes that the asset is poised for much more substantial gains in the future is the X user EGRAG CRYPTO. The analyst claimed that XRP could form a “perfect Hammer formation,” which could be followed by a “mega pump” if it closes above $0.55-$0.58 by the end of June.

“If we get Hammer 2, expect a pump of around 1700% ($8) starting in July 2024. If we need Hammer 1, we might have to wait another 6 months, but the pump will be EPIC, around 5500%, taking us to $27,” the trader added.

Prior to that, EGRAG CRYPTO envisioned an XRP rally based on the low Relative Strength Index (RSI) as of late. The technical analysis tool measures the speed and change of price movements and varies from 0 to 100. A ratio of above 70 indicates that the asset might be overbought and headed for correction. Data shows that this level was crossed only three times throughout June, currently standing at around 50.

JAVON MARKS was bullish, too, forecasting a price explosion to $20 “and even higher” should XRP mirror its performance from previous years.