In the last five hours, XRP price has tumbled from a high of $0.63 to below $0.61. Despite this, the growing narrative is suggestive of an impending price breakout.
This price shift follows a weekend of price stagnation preceded by a settlement conference between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs on March 29. Alluding to the potential settlement of the four year legal battle of regulatory attrition, the crypto community speculation only continues to grow.
Though no developments have been revealed to the public at this time, Ripple Chief Legal Officer (CLO), Stuart Alderoty’s stance on the SEC remains clear.
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Analysts Expect XRP Price Breakout
One analyst on TradingView, CryptoColugo, posted their forecast March 28 suggesting a significant breakout past the $1 is on the cards “as long as we can stay above 0.60.”
CryptoColugo posted an update on the comments section of their forecast roughly 14 hours ago stating:
“This is a chart that can tell you that soon a big move will happen. We are coming to the end of a triangle formation that is formed since the all time high.”
Twitter Economist and Trader Mikybull posted four hours ago echoing the same forecast direction. They suggested that XRP price “is about to follow the 2017 path” where the price pumped from roughly $0.006 to above $2.
Settlement Speculation Unsettling XRP Price
The speculation surrounding the recent March 29 SEC-Ripple Labs settlement conference, amplified by the spreading misinformation circulating on Twitter around April Fool’s Day, could be causing the flux in market sentiment shift.
The historical 2017 XRP price action projected into the current market state can initially be perceived positively but it does not take into account modern economic implications. Today’s crypto market has become an ant farm under the magnifying glass of regulatory scrutiny and institutional investment — where 2017’s rally was mainly retail-driven.
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Show more +Although price history repeating would be beneficial for XRP price and token holders, the Ripple Labs-SEC lawsuit remains at large, and any adverse developments could still have polarizing effects on the market as a whole.
Ripple Partnership Push for XRP Ledger RWA Tokenization
After four years of legal turbulence with the SEC, Ripple has continued to secure strategic partnerships, reinforcing its place within global finance.
As reported on Yahoo Finance on Feb 28, Ripple partnered with Axelar, aiming to leverage Axelar’s General Message Passing (GMP) technology to enhance Real-World Asset (RWA) tokenization on the XRP Ledger (XRPL). This partnership sets Ripple’s XRPL up for increased real-world use as the RWA narrative grows, potentially improving investor confidence in the company’s future direction.
At the time of writing, XRP price was $0.61, down roughly 2.5% over the last 24 hours, and down roughly 3% over the last seven days.
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