For the first time since August 18, the total number of transactions involving XRP has now surpassed 1.38 million.
Considering that the XRP community anticipates a resolution of the issue, the trials and tribulations that the SEC has experienced with the Ripple litigation are noteworthy.
The price of XRP has remained stable below the $0.6400 level on account of the cryptocurrency sights returning to the $0.7500 level.
Among market players who are anticipating a settlement in the case brought against the payment company by the United States Securities and Exchange Commission (SEC), Ripple continues to be a topic of discussion. A noticeable increase in the number of XRP transactions has occurred in the middle of discussions around settlement.
There is a growing sense of expectation among the ecosystem as XRP holders wait for a settlement in the case that the SEC has filed against Ripple. On November 30, the United States Securities and Exchange Commission (SEC) and Ripple met behind closed doors, which stoked anticipation that the two sides would try to negotiate a settlement. Therefore, despite the fact that Ripple has achieved a partial success in the litigation, the SEC case continues to have an impact on the perspective that holders of XRP have toward the alternative cryptocurrency.
According to information obtained from XRPscan, the volume of transactions using XRP has been increasing since the middle of August 2023. In fact, it finally surpassed the 1.38 million mark for the first time in three months.
The trades of XRP
The Chief Executive Officer of Ripple, Brad Garlinghouse, gave an interview to CoinDesk in which he discussed his thoughts on the dispute between the SEC and Ripple. In the event that Ripple was unable to win a partial success in the lawsuit and the case against the executives had not been dropped, Garlinghouse is of the opinion that the Securities and Exchange Commission would have pursued litigation against other cryptocurrency ventures with a ferocious level of intensity.
There is still the prospect of a settlement being reached, and those who have XRP are looking forward to hearing dates that Judge Analisa Torres has scheduled for the year 2024.
Ever since the beginning of December 2023, the price of XRP has been moving in a direction that is below the $0.6500 level. The rise of XRP has not been broken, and it is expected that the alternative cryptocurrency will make an attempt to return to the $0.7500 level, which was last touched on November 13.
In terms of pricing, XRP is around 17% away from the aim. At a price of $0.6209, the alternative cryptocurrency is supported by the 10-day Exponential Moving Average (EMA). The price of XRP may encounter resistance at the 50% retracement level ($0.6820) of the slide from its local peak of $0.9403 on July 13 to its low of $0.4237 on August 17. This might be a potential obstacle for the price as it continues to rise towards the objective of $0.7500.
If the price of XRP declines, it may find support around the 50-day exponential moving average, which is located at $0.6014. The bullish thesis for the price of XRP might be rendered worthless if a daily candlestick closes below the 50-day exponential moving average.
