Ripple (XRP) maintains its stability around $0.51 while awaiting a court ruling on its lawsuit with the SEC. At the same time, Ripple unveils plans to expand its services in Africa.
The outcome of the Ripple SEC lawsuit is crucial for market sentiment, as Ripple is required to file counter briefs alongside the SEC by May 20.
On Friday, Ripple (XRP) remains near $0.51, holding above the significant level of $0.50, as traders eagerly await the court ruling in the lawsuit against the US Securities and Exchange Commission (SEC). In addition, Ripple has announced its commitment to expanding its services in Africa.
Although Ripple and XRP are primarily known for their payment-remittance services, the company aims to broaden its offerings to include crypto-native services such as custody. As part of this plan, Ripple is preparing to introduce XRP Ledger and custodial services in Africa.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s intention to venture into “crypto-native services” like custody, despite being primarily associated with payment solutions.
Furthermore, Ripple aims to strengthen support for the XRP Ledger program in the Middle East and Africa, supplementing its existing range of services in the region.
As of now, XRP is priced at $0.5155 on Binance. In a bullish scenario, the altcoin could target the psychologically significant level of $0.60, facing interim resistance at $0.53 during its upward movement. The Moving Average Convergence Divergence (MACD) indicator supports this positive momentum, with the MACD line crossing above the signal line, indicating a bullish signal, and the green histogram bars rising above the neutral line.
The Relative Strength Index (RSI) currently stands at 47.33, indicating proximity to the neutral zone. However, if XRP closes below $0.5045, which represents the 38.6% Fibonacci retracement level of the previous decline, the bullish outlook may be invalidated. In such a case, XRP could seek liquidity around the May 13 low of $0.4866.
In the ongoing Ripple SEC lawsuit, Ripple is required to submit counter briefs to the omnibus letter motions filed this week, alongside the SEC and other parties involved. The court is currently deliberating on the possibility of issuing an injunction against Ripple and determining penalties for securities law violations.
Stuart Alderoty, Ripple’s Chief Legal Officer, commended a recent bipartisan vote in Capitol Hill, which showed consensus against what is seen as overreach by SEC Chairman Gary Gensler in the crypto industry.
The US Senate has passed the Congressional Review Act (CRA), resulting in the repeal of SAB 121. This regulation would have compelled 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.
Several market analysts believe that a settlement in the Ripple SEC lawsuit could drive the XRP price to $1.0.
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