The XRP price has gradually declined, continuing the bearish trend from the previous week. With trading volume decreasing, XRP is now hovering around 48 cents, down 3.3% in the past 24 hours and below the 200-day weighted moving average (WMA).
Despite this dip, which puts Ripple lawsuit.
Let’s explore what he has to say.
Bullish Outlook for XRP
XRP’s year-to-date bullish momentum took a hit when the digital asset fell below a critical support/resistance level of 53 cents in recent weeks. However, Rector remains optimistic and mentions several potential catalysts for a bullish XRP spike.
SEC call not to pass?
A major event is the SEC’s appeal of the summary judgment ruling that XRP sales on exchanges should not be classified as investment contracts and therefore should not be considered securities. Rector is confident that the SEC’s appeal will fail as the initial ruling showed a lack of sufficient evidence to label XRP sales on exchanges as security assets.
Read more: “You’re Making a Mock of the US Government”: Crypto Community Rejects SEC’s Ripple Appeal
Banks are going to adopt ODL?!
Another potential catalyst is the adoption of the On-Demand Liquidity (ODL) program, powered by XRP, by a US-based bank or financial institution. This adoption would significantly revitalize XRP bulls and potentially increase its value, especially in the context of cross-border payments.
A settlement is planned
Finally, a settlement agreement between the SEC and Ripple is seen as another major factor that could push XRP to make a substantial move. Such an agreement would not only remove the legal uncertainties surrounding XRP, but also provide much-needed clarity for XRP investors. The prospect of a settlement remains a major concern for those keeping a close eye on the future of cryptocurrency.
Also Read: Ripple News: The Most Traded Altcoin: XRP Outpaces Competitors by 4x, Kaiko Data Reveals
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