- The lawsuit between Ripple and the SEC will reach a conclusive end in April.
- A perceived positive outcome for XRP could lead to a price surge, targeting $1.
- Bullish sentiment exists among XRP users, as seen in the altcoin’s recent price behavior.
The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) would reach a conclusive end in April. There are two significant dates for specific actions that would determine the lawsuit’s outcome, and users believe the court’s decision would determine XRP’s price trajectory.
According to court filings, April 12 is the deadline for submitting motions opposing remedies proposals, while the final remedies deadline is April 29. The court will also determine the penalties for Ripple’s institutional XRP sales on the latter date.
Considering prevailing sentiments, a perceived positive outcome for XRP could lead to a price surge. The altcoin experienced a similar situation last July with a partial court victory. According to the data, XRP surged over 100% shortly after the court ruled that Ripple’s token sales did not constitute investment contracts. Many users believe another perceived favorable ruling could see XRP rally to $1 in April.
Bullish sentiment exists among XRP users, as seen in the altcoin’s recent price behavior. The crypto token spiked by nearly 30% last Monday without any spectacular event. However, further details revealed bullish speculative traders’ actions triggered the price rally.
According to data from Coinglass, the actions of derivatives traders showed an uptick in bullish bets since March 10. It also revealed significant spikes in XRP leveraged bullish trades. Coinglass data showed XRP’s Volume-Weighted funding rate rose from 0.0140% to 0.0933% between March 6 and March 12, suggesting significant bullish sentiment among XRP traders.
A positive outcome in the lawsuit could boost investors’ confidence and motivate XRP bulls. Many believe it could be the tailwind that pushes the altcoin to higher prices in the coming weeks.
XRP traded for $0.68208 at the time of writing, attempting to resume its upward movement after an 11.5% retracement, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
