As the Ripple-SEC case prepares for the final decision, the blockchain company has made a new move that will strengthen cross-border payments. Market players, on the other hand, are locked in a key level.
Ripple makes a new move amid SEC lawsuit
Blockchain company Ripple appointed its new chairman as the market prepares for the critical decision in the lawsuit filed by the SEC, in a blog post on Jan. According to the announcement, Monica Long, who served as the company’s senior vice president and general manager, was promoted to the position of President. According to the company, Long, who has been in charge since 2013, has helped Ripple achieve a strong financial position despite the different phases of the crypto market. In his previous role, Long was responsible for managing the company’s product, engineering, partnership, marketing and developer relationships.
Long is a central figure in the launch of the On-Demand Liquidity (ODL) product, which is used specifically as leverage for cross-border transactions. The venture has progressed to play a key role in Ripple’s ability to process cross-border transactions to a volume of $30 billion. Ripple CEO Brad Garlinghouse states that Long has been a critical adviser to him at different stages of the crypto market. In the midst of Ripple’s new move for cross-border transactions, market players are counting the minutes for a critical level.
XRP investors target this level while awaiting SEC decision
Investors’ confidence in XRP is now in the crypto market’s hands, pending the decision in its legal dispute with the SEC. Meanwhile, XRP has been in an uptrend since the beginning of 2023, but there is still a chance to take its steps lower than seen in the past. The downtrend will resume if XRP prices dip below the $0.40 support level. This could cause the XRP price to drop to $0.36.
Conversely, there is a resistance preventing the price from continuing higher and this threshold is located at $0.42. However, if the buyers manage to break past the resistance level, XRP will rally to $0.45. Also, as XRP tries to form its fourth consecutive weekly green candle, the relative strength index (RSI) continues to diverge positively from the trendline.
Finally, in the latest developments in the litigation process, the parties and relevant organizations held final briefings with a focus on the presiding judge. While there has been growing speculation about possible outcomes, legal experts have suggested that it remains difficult to predict the case as both parties have nearly equal chances. As Kriptokoin.com, we have included expert expectations regarding the outcome of the case in this article.
Pro-XRP attorney John Deaton predicts that both the SEC and Ripple could come to a settlement to avoid further appeals.
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