Ripple vs. SEC Lawsuit to End in April: Attorney Jeremy Hogan
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Popular attorney in the Ripple (XRP) community, Jeremy Hogan, believes that the US Securities and Exchange Commission’s lawsuit against the cryptocurrency company will not persist past April this year. This ignited a mild bullish spark in the XRP market over the past few hours.
Hogan’s assertions are backed by similar comments from Ripple CEO Brad Garlinghouse, who recently expressed hope that the case could end in April 2022. Speaking at an interview with CNBC, which updated users on the progress made by the global payments company in 2021, Garlinghouse noted that:
“We’re seeing pretty good progress despite a slow-moving judicial process.”
Judge Sarah Netburn authorized the deposition of controversial former SEC official William Hinman in July 2021. That said, many spectators believe that the court rulings have been overwhelmingly in favor of Ripple so far. Also, expert discovery in the lawsuit is set for release on January 14, 2022. Both plaintiff and the defendant moved to push the discovery date to mid-January 2022 last year.
That said, many analysts are predicting a price spike for XRP as the lawsuit draws to an end. That said, some analysts have predicted a massive surge for XRP and expect the price to hit $27 this year, according to their technical analysis.
Key Ripple Levels to Watch — January 3
XRP has traded on a sideways bias for most of 2022, as the price remains restricted below the $0.8500 critical barrier. Only yesterday, the eighth-largest cryptocurrency attempted a break above the $0.8500 barrier yesterday but met with intense resistance from the combination of the 4-hour 50 and 200 SMAs at the $0.8650 area, which prevented XRP from securing a close above the critical resistance.
That said, a sustained downside also seems significantly unlikely at the time, considering the long-lasting ascending trendline that has buoyed the price for the past month. In other words, I do not expect to see a dip below $0.8250 in the near term. At the moment, traders remain unwilling to place any aggressive bets as they await the resumption of the global markets, meaning that the current consolidation could persist for a while.
Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.
Total Market Capitalization: $2.26 trillion
Ripple Market Capitalization: $40 billion
Ripple Dominance: 1.77%
Market Rank: #8
