Ripple's CEO hinted at a case resolution with the SEC, which he expects "very soon."
XRP's price fluctuated wildly last week on news of a settlement but then dipped again
Analysts predict a further price increase for XRP, with a possible retest of $0.87 - $1.03.
Both new and total addresses interacting with the XRP Ledger have reached their highest point since March.
We need to see a clean break above $0.63 for further bullish action.
There are increasing signs these days that the ongoing legal battle between the US Securities and Exchange Commission and Ripple Labs will finally be settled.
In a recent interview with Bloomberg, Ripple's CEO hinted something to this effect, raising the hopes that both sides would bury the hatchet and allow the industry at large to move on.
The dispute between the SEC and Ripple has been ongoing since 2020, and the SEC and Ripple are now showing signs of exhaustion.
In a recent Bloomberg interview, Garlinghouse showed he was cautiously optimistic about a case resolution he expects to happen “very soon.”
Interestingly, while Garlinghouse gave no specifics, he remained largely positive and stated, "The democrats have realized that they're getting behind [on crypto-community votes]. I'm hopeful that as we see a change."
XRP has been incredibly volatile throughout the week on the news of a possible Ripple-SEC settlement during a "private meeting." It surged by around 65% from $0.38 to around $0.63, only to decline again to $0.55 after the meeting was cancelled.
Garlinghouse stated that Ripple isn't asking the SEC to just forget things but is advocating for transparency and clearer regulation.
"We're not asking for a free pass," he asserted. "Most people in the crypto industry are good actors who want to follow the rules. We just need those rules to be clear and consistent."
Amid the ongoing signs of a Ripple case settlement, what comes next for the price of XRP?
According to Dark Defender, an XRP analyst and entrepreneur, the cryptocurrency's price appears to be "on track."
The analyst noted that the cryptocurrency has started a "C wave" around $0.6 and should soon target the $0.87 - $1.03 price level.
XRP’s price action
This is in addition to recent insights from Santiment, showing that the XRP Ledger is seeing a huge number of new and total addresses interacting with the network, with both at their highest point since March.
XRP’s price action
The chart formation above highlights this outlook from Santiment, showing XRP's clean rebound from the $0.55 price level.
Investors should be on the lookout for a break above the previous local $0.63.
If this happens, the cryptocurrency will be poised to travel further upward by another 25%, at least to its March 2024 high of $0.75.
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