Developers are eagerly awaiting revelations about solutions for smart contract execution and the convergence of AI with blockchain technology in XRPLedger.
XRP, Ripple’s native cryptocurrency, saw a 4.5% price increase to $0.56 in the last 24 hours. The rise is attributed to the latest developments within Ripple, updates in the SEC lawsuit against Ripple and there is a sense of anticipation as Ripple CTO David Schwartz prepares to reveal XRPLedger’s plans for 2024.
XRPLedger’s Vision 2024
David Schwartz, the visionary driving Ripple’s technological advancements, will shed light on XRPLedger’s current progress in interoperability and EVM integration, on February 27, 2024.
Meanwhile, the announcement of Ripple’s 2024 roadmap has sparked excitement among XRP holders, leading the altcoin to recoup its recent losses.
On February 26, @RippleX posted the following on X:
“Today, @zoniqxinc and Ripple are partnering to bring multi-asset tokenization onto the #XRPLedger.
This partnership aims to revolutionize asset tokenization on the #XRPL, making it more efficient, accessible, and liquid in the digital asset market.”
Adding to the positive market sentiment is Ripple’s strategic partnership with a Silicon Valley-based blockchain and artificial intelligence company. This collaboration aims to implement multi-asset tokenization on XRPLedger, promising greater accessibility and greater liquidity for cryptocurrencies.
Update on the SEC Case against Ripple
As the legal saga unfolds, the SEC lawsuit against Ripple is scheduled for a significant update on March 13, 2024. The SEC is expected to file a brief related to the remedy, making arguments for punitive sanctions due to the Ripple’s alleged sale of unregistered XRP to the US. Institutional investors will likely take center stage.
Ripple must respond with its report related to the remedy by April 12, and the fine will likely depend on the net proceeds from sales of XRP to non-exempt US institutional investors.
Adding a new layer to this ongoing legal saga, law firm Susman Godfrey LLP, representing Zakinov and the group, published the document in question and launched a website, www.RippleClassAction.com.
The initiative aims to expand the class by reaching potential members who purchased XRP between July 3, 2017 and June 30, 2023 and held on to their XRP or sold it at a loss. The website serves as a hub for disseminating information about the lawsuit, outlining the claims against Ripple, defining the classes involved, and explaining the rights and options available to affected individuals.
The document clearly states that “There is a lawsuit pending in the United States District Court for the Northern District of California against Ripple Labs, Inc.; Ripple subsidiary XRP II, LLC, and Bradley Garlinghouse. The lawsuit alleges that the defendants offered and sold the digital asset XRP without registration, in violation of federal and state securities laws.”
Additionally, the document highlights that the court has not yet reached a verdict on the claims, highlighting the pending trial as the next important phase in which these issues will be addressed in depth.
XRP Price Analysis
XRP price analysis reveals a short-term bullish signal as it settles above the 50-day EMA but remains below the 200-day EMA, indicating a long-term bearish outlook. A break above the 200-day EMA could push XRP towards the $0.5835 resistance level.
On the contrary, a break below the 50-day EMA and the $0.5470 support level may trigger a bearish move towards the $0.5042 support level. The 14-day RSI reading of 54.24 indicates a potential move towards the $0.5835 resistance level before entering overbought territory.
XRP’s recent rise to $0.56, breaking above the key resistance at $0.55, suggests a positive turn in the altcoin’s fortunes after erasing the previous week’s losses.
By Leonardo Perez
