XRP price rallies to $0.62, ahead of trial scheduled in class action lawsuit against Ripple Labs
- XRP price climbed to a local peak of $0.62 on Thursday and corrected to $0.59 early on Friday.
- The Zakinov v. Ripple Labs class action lawsuit has a trial scheduled for April 15, 2024.
- Key dates in Ripple’s ongoing legal battle with the SEC and class action lawsuit coincide, making April crucial for XRP holders.
XRP price inched closer to its 2024 high, rallying past the $0.62 level on Thursday. The altcoin was hit by a correction, however, which pulled it back down to the $0.59s early Friday.
Ripple, a cross border payment remittance firm is currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) and a class action lawsuit filed by XRP holders.
Also read: Ripple accused of artificially boosting XRP price with bot activity, court documents allege manipulation
Daily Digest Market Movers: Ripple faces class action and key deadline in SEC lawsuit
- The class action lawsuit Zakinov v. Ripple Labs has its trial scheduled to begin on April 15, 2024. The payment remittance firm is also preparing a remedies brief and filing opposition briefs against the SEC in its SEC v. Ripple lawsuit.
- The ongoing legal battles have deadlines and proceedings scheduled through April 2024.
- Attorney Fred Rispoli warned XRP holders participating in the class action lawsuit, of phishing scams.
- Participants in the XRP class action can receive damages if any, once the lawsuit is resolved.
- Further, Attorney Rispoli believes that the summary judgment in the class action lawsuit could influence the outcome of SEC’s lawsuit against Ripple.
- Despite Ripple’s lawsuits, XRP price is inching closer to its 2024 peak of $0.64.
Technical Analysis: XRP price inches closer to 2024 peak
XRP price is on track to break past its yearly high of $0.64, if the positive momentum is sustained. The altcoin rallied to a local top of $0.62 on Thursday, before correcting to $0.59 on Friday.
XRP price is in an uptrend that started at the beginning of February 2024. After its recent breakthrough past the $0.60 resistance, a rally to $0.64 and the November 2023 peak of $0.75 has become likely for the altcoin.
The green bars on the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) support XRP price gains.
XRP/USDT 1-day chart
A daily candlestick close below the 61.8% Fibonacci retracement of the decline from the 2024 peak, at $0.581, could invalidate the bullish thesis for the altcoin. After that, however, XRP price could find support at the 50% retracement at $0.563.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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