- 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.
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.
This is the class notice for the Oakland civil class action lawsuit against Ripple that was filed long before the SEC filed its case. Summary judgment briefing will be critical for Ripple here as well.
— Fred Rispoli (@freddyriz) February 25, 2024
- 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.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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