XRP price experienced a slight decrease of 0.76% on Monday as the SEC lawsuit against Ripple reached the final stages of the remedies-related discovery phase. A federal judge has granted Ripple an extension until February 20, 2024, to complete the remedies-related discovery process.
Experts in the crypto community suggest that the SEC v. Ripple lawsuit could conclude either by 2024 or potentially extend until 2028 if appeals are made to the Supreme Court. The lawsuit’s outcome remains uncertain, with various possible scenarios outlined by crypto analysts.
The recent extension in the discovery phase allows Ripple additional time to compile the necessary financial statements and institutional sales contracts requested by the SEC. Ripple’s legal team has previously stated that fulfilling the SEC’s demands requires significant effort and time.
The ongoing lawsuit has significant implications for XRP holders, influencing the altcoin’s price trajectory. While the deadline extension may delay the lawsuit’s conclusion, it provides an opportunity for Ripple to gather crucial information demanded by the SEC.
According to analysis by crypto expert @AshleyPROSPER1, the lawsuit could reach a resolution sooner if both parties agree to a settlement. However, if appeals are made to higher courts, such as the second circuit or the Supreme Court, the legal battle could prolong until 2028.
In terms of technical analysis, XRP price currently faces resistance at $0.5629, representing a crucial level corresponding to the 50% Fibonacci Retracement. The altcoin’s support level is at $0.4968, just below the psychological threshold of $0.50. Any significant drop below this support level could invalidate the bullish outlook for XRP price, potentially leading to a decline to $0.4853.
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Despite the minor setback on Monday, technical indicators suggest a potential rally for XRP price, with gains of up to 7% expected if it breaks through resistance at $0.5629. However, continued monitoring of support and resistance levels is essential to assess the altcoin’s future price movements.
CRYPTO ETF FAQS
What is an ETF?
An exchange-traded fund (ETF) is an investment instrument or index that monitors the price of an underlying asset. ETFs may follow not simply a single asset, but also a portfolio of assets and sectors. For example, a Bitcoin ETF follows the price of Bitcoin. ETFs are tools used by investors to get exposure to a certain asset.
Is the Bitcoin futures ETF approved?
Yes. The US Securities and Exchange Commission authorized the first Bitcoin futures exchange-traded fund in October 2021. Seven Bitcoin futures ETFs have been authorized, while more than 20 are still awaiting regulatory approval. The SEC claims that the cryptocurrency market is nascent and prone to manipulation, which is why it has been postponing crypto-related futures ETFs for many years.
Is the Bitcoin spot ETF approved?
Bitcoin spot ETFs have been authorized outside the United States, but the SEC has yet to approve one in the nation. After BlackRock filed for a Bitcoin spot ETF on June 15, interest in crypto ETFs has increased. Grayscale, whose application for a Bitcoin spot ETF was first denied by the SEC, won a court case that forced the US regulator to reconsider its plan. The SEC’s failure in this litigation has spurred speculation that a Bitcoin spot ETF may be authorized before the end of the year.