- XRP is the most popular altcoin in South Korea, with 20.7% of Gen Z investors holding the altcoin, according to a recent survey.
- Ripple counsel informed the judge of their availability for a trial in Q2 2024 in the SEC vs. Ripple lawsuit in Q2 2024.
- XRP price faces resistance at $0.5752, on its path to recovery from the recent decline.
XRP price is attempting to recover from the recent drop in its price. In the shorter term, XRP’s popularity in South Korea could underpin the recovery to the resistance at $0.5752 . In the longer term, developments in the SEC vs Ripple lawsuit are supportive of a sustained XRP price recovery. Ripple’s counsel informed the judge and the court of the payment firm’s availability for trial in Q2 2024.
Also read: XRP whales expect slight recovery in altcoin after recent developments in the SEC vs Ripple lawsuit
XRP price rallies as the altcoin emerges as favorite among South Koreans
A recent survey in South Korea revealed the altcoin’s popularity among Gen Z. XRP has emerged as a favorite among more than half of South Korea’s copy traders and 20.7% of Gen Z investors. The survey was conducted by News1 Korea, a media agency headquartered in Seoul.
XRP price started its relief rally, yielding 24.5% gains from $0.4259 on August 17 to $0.5316, at the time of writing. The recovery is fueled by the adoption of the altcoin among Korean traders and copy traders, and the developments in the SEC vs. Ripple lawsuit.
Ripple shows readiness for trial in SEC vs. Ripple case
The court approved the Securities and Exchange Commission’s (SEC) motion requesting a filing of an interlocutory appeal in the SEC vs. Ripple lawsuit.
Both parties, the SEC and Ripple have informed the judge of their availability for trial and the XRP holder community is awaiting SEC’s interlocutory appeal filing. This is the next crucial development in the SEC vs. Ripple lawsuit.
The SEC’s stance on XRP and the regulator’s appeal to the court could determine the direction in which the lawsuit is headed, and influence the altcoin’s price in the process.
SEC vs. Ripple Labs filing on August 23
XRP price could rally 55% to $0.8193 target, if this happens
Lockridge Okoth, technical analyst at FXStreet identified that XRP price is currently at a crossroads. The altcoin is split between Bitcoin’s optimism and the negativity from the SEC lawsuit and developments from the regulator’s side.
XRP price faces resistance at $0.5752, a break past this hurdle could push the altcoin to its August high of $0.6840. In order to confirm the uptrend, XRP price needs to break the July 19 high of $0.8193. This marks a 55% rally in the altcoin. Check this post for targets.
The two indicators supporting the bullish thesis are the RSI tipping north and the green bars of the AO histograms that point to the rising momentum.
XRP/USDT one-day price chart on Binance
In the event of a price drop, XRP could find support at $0.5048 before slipping through to test the $0.4191 support level. This move would mark a 20% decline in XRP price.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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