- Judge Sarah Netburn asked Ripple Labs and US SEC to settle the case as quickly as possible leading to a strong XRP Price rally.
- Amid the strong surge in XRP, analysts have started giving bullish price calls as high as $6.
Last week, Judge Analisa Torres’ at the Southern District Court of New York announced a landmark ruling that the programmatic sales of XRP don’t constitute securities. Earlier this week on Monday, the case was further referred to Magistrate Judge Sarah Netburn.
Judge Sarah Netburn has asked Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to suggest three dates for a possible settlement conference. This suggests that there might be a chance to resolve their long legal dispute.
In the recent order, Judge Netburn highlighted the possibility of a productive settlement conference at this point. She also mentioned that scheduling the conference six to eight weeks in advance would be ideal due to the court’s busy schedule.
“The Court will likely be unable to accommodate last-minute requests for settlement conferences, and the parties should not anticipate that litigation deadlines will be adjourned in response to late requests for settlement conferences,” she noted.
The proposed timeline allows both parties enough time to carefully consider their positions and explore potential agreements. However, it’s essential to remember that this development doesn’t guarantee a settlement, as the final decision still depends on the parties involved.
XRP Price Shoots 8% and Above $0.80
In the last 24 hours, the XRP Price shot up by another 8% moving past $0.80. With a market cap of $41.9 billion, Ripple’s native crypto XRP further strengthens its position as the fourth-largest cryptocurrency. Over the past week, the XRP price has already gained more than 70%.
Despite the recent price rally, analysts continue to stay bullish on XRP going ahead. A well-known crypto analyst predicts that XRP’s price could surge to $6. In a recent video, CoinsKid, a popular cryptocurrency influencer, analyzed the trend of XRP’s price, which increased by over 58% in the past week due to a recent ruling. He compared this situation to a similar pattern seen in 2020. The analyst suggests that XRP’s price might temporarily dip to a support level before continuing its climb, similar to what happened in 2020.
In his analysis, CoinsKid suggests that viewers should consider buying XRP during pullbacks or when the price is lower, rather than during periods of significant price increases (represented by large green candles). He refers to buying during pullbacks as “buying the blood” and advises selling when the price is high.
CoinsKid also points out an ascending triangle chart pattern in XRP’s performance, indicating the possibility of a three-wave breakout. Given the volatility in the crypto market and the expected rally of the U.S. dollar, this could lead to a substantial increase in XRP’s value. He even proposes that XRP could reach the $6 mark by the end of the year.
According to the analyst, the “big wave #3” should have the potential to surpass XRP’s high from April 2021, and it might even exceed its all-time high of $3.3 per token, which was observed back in 2018.
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