Ripple (XRP) maintains its stability around $0.51 as traders eagerly await the court ruling on its lawsuit with the SEC. At the same time, Ripple has unveiled its plans to expand its services in Africa.
Traders are closely watching the developments in the Ripple SEC lawsuit, as Ripple is required to file counter briefs alongside the SEC by May 20. Despite this uncertainty, Ripple (XRP) remains steady at $0.51, above the important psychological level of $0.50. In addition to the lawsuit, Ripple has announced its intentions to broaden its services in Africa, moving beyond payment-remittance solutions to include crypto-native services like custody.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s commitment to venture into crypto-native services. Ripple plans to release XRP Ledger and custodial services in Africa, while also aiming to strengthen support for the XRP Ledger program across the Middle East and Africa.
As of now, XRP is priced at $0.5155 on Binance, and if the altcoin experiences a bullish scenario, it may target the significant level of $0.60, with interim resistance at $0.53. The MACD indicator supports this upward momentum, with the MACD line crossing above the signal line and the green histogram bars rising above the neutral line. However, a close below $0.5045 could invalidate the bullish outlook, potentially leading XRP to seek liquidity around the low of May 13 at $0.4866.
In terms of the Ripple SEC lawsuit, Ripple is required to submit counter briefs by May 20. The court is currently deliberating on the possibility of issuing an injunction against Ripple and determining penalties for securities law violations. Ripple’s Chief Legal Officer, Stuart Alderoty, commended a recent Capitol Hill vote that demonstrated bipartisan consensus against perceived overreach by SEC Chairman Gary Gensler in the crypto sphere.
The recent repeal of SAB 121 through the Congressional Review Act (CRA) is seen as a resistance to stringent crypto regulations. This regulation would have required companies, including banks, to include client-owned crypto assets on their balance sheets. The settlement of the Ripple SEC lawsuit is believed by many market analysts to have the potential to rally the XRP price up to $1.0.
In conclusion, Ripple (XRP) maintains stability amidst anticipation of the court ruling on its lawsuit with the SEC. The company also plans to expand its services in Africa, while market sentiment is heavily influenced by the developments in the Ripple SEC lawsuit.