Last week, the digital asset market emerged from a global correction. Additionally, this has been true for Ripple (XRP), which may soon be preparing to soar as a crucial date in its ongoing lawsuit with the United States Securities and Exchange Commission (SEC).
Over the past 7 days, XRP has surged over 9%, according to CoinMarketCap. Despite a slight correction that occurred over the last 24 hours, the asset is firmly anchored above the $0.54 mark. This momentum could come into play massively as a major date approaches.
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Ripple (XRP) vs. The SEC faces a critical date
The digital asset market entered 2024 with high hopes, especially regarding several leading cryptocurrencies. Among them was Ripple (XRP), which many investors believe could benefit from the prevalence the market is expected to face this year.
However, this was not entirely true during the first five months of the year. Indeed, the market has been facing a continuous correction with which the asset has struggled. However, a recent uptrend could be beneficial as Ripple (XRP) could soar with a critical date in its ongoing SEC lawsuit on the horizon.
Amid a week of consecutive gains, May 13 proved vital for the asset. Specifically, this date will constitute a crucial deadline for the case and will follow other crucial dates for the ongoing proceedings.
Also Read: How High Can Ripple (XRP) Rise This Week?
The SEC has filed its latest response under seal. However, they should be made public with the current editorial staff on May 8. The most pivotal date on the calendar will therefore be May 13.
This is the deadline for the SEC, Ripple, and third parties to file omnibus letter motions. Additionally, they will seek to obtain a seal for all remedy-related documents. It is to be expected that editorial proposals will come in en masse.
Subsequently, May 20 becomes the most important date for ongoing procedures. Today remains the deadline for all parties to file briefs of opposition to the omnibus letter motions to be sealed. Conversely, May turns out to be a critical month for the trial.
What this means for XRP
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The significance of May is expected to have massive implications on XRP price action. This is because the market is ready to react to ongoing developments, and a shift in price action is inevitable.
The question now is what consequences the evolution of the courts will have on the overall price. Currently, XRP is facing key resistance levels above $0.55 that could define its near-term price action.
Alternatively, there is a critical support level at $0.50. There is therefore a close link between legal proceedings and price developments. If these dates continue to trend toward a conclusion, expect Ripple (XRP) to continue gaining upward momentum.
reference: watcher.guru