Ripple's (XRP) price stalled into a consolidation phase in December along with Bitcoin. But the blue-chip, large-cap cryptocurrency could make waves again.
XRP performed fantastically in 2023, with 87% YTD gains the final week in December and an eye on $1 in 2024. That’s impressive, given Ripple’s legal woes with the SEC lawsuit since 2020.
In December, XRP’s price continues to trade with support at $0.62 and a descending line of resistance from $0.72 on Nov. 6 to $0.67 on Dec. 8 to $0.65 on Dec. 25.
In any case, it’s important to look at some of the key dates that are approaching in Ripple’s lawsuit that may serve as a catalyst for developments in XRP’s price. It’s also worth mentioning that there are other legal proceedings taking place simultaneously, which may impact the way the Ripple v. SEC case unfolds.
SEC v. Ripple Lawsuit Key Dates Approaching
All has been relatively quiet in XRP markets, with a lull of new developments in the SEC lawsuit. But that’s about to change with SEC v. Coinbase beginning oral arguments on Jan. 17.
Positive developments for different crypto companies in their court battles with the Securities and Exchange Commission have often lifted all boats in cryptocurrency markets.
When Ripple won a landmark decision ruling that XRP tokens are not securities, it led Coinbase, a cryptocurrency exchange, to relist XRP after de-listing it seven months earlier.
Meanwhile, the deadline for discovery of evidence in the SEC v. Ripple lawsuit is Feb. 12. Here’s the court schedule of key dates in the remedies phase of the ongoing suit next year:
Feb. 12, 2024: Remedies briefing begins Mar. 13, 2024: SEC files remedies brief Apr. 12, 2024: Ripple submits opposition Apr. 29, 2024: SEC replies#Ripple #JUST2MoreMonths to go!!
The Ripple vs SEC lawsuit is hoping to conclude in 2024, but what are the key dates to mark in your calendar? Here’s a breakdown:
-12th Feb 2024: Remedies briefing begins
-13th March 2024: SEC files remedies brief
-12th April 2024: Ripple… pic.twitter.com/it1au1lagJ
— Flip The Chain (@flipthechain) December 16, 2023
More XRP Whale Splashes For Ripple Price
In addition to Ripple moving toward closure with the SEC, some big on-chain movements last week indicate more tailwinds for Ripple’s price going forward. Whales moved 537 million XRP in 24 hours Wednesday.
A Binance wallet pulled 300 million Ripple tokens off the exchange (worth some $185 million at the time) to an unknown wallet address, taking an enormous amount of the crypto off the market.
Another XRP whale moved 139.4 million XRP between two unknown addresses. A third whale transaction pushed 27.8 million tokens onto a Bitstamp exchange address.
Meanwhile, daily transaction volume for Ripple grew by 350% over a 24-hour period ending Wednesday to a two-year record high of 4.11 million transactions, according to XRP scan data.
The surge in volume coincided with an announcement by Binance that the cryptocurrency exchange is adding a new XRP trading pair: XRP/USDC, opening up liquidity from one of the most popular stablecoins.
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