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Ripple XRP Price Surges Amidst Anticipation of SEC VS Ripple Lawsuit’s Development

Nick Dunn Crypto Journalist Author expertise
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The XRP token recently hit a high of $0.57 as the general crypto market pushes to reach $2 trillion. This shows how powerful the bullish momentum is at the moment and it’s helping XRP’s price to go up.

Even though Ripple is expected to provide information that could affect them greatly to the SEC today, February 20, its native coin’s price is sustaining its growth.

XRP is trading above $0.546 with a volume of more than $1.3 billion. Note that increased price and high volume suggest significant trading activity at this price level.

However, everyone awaits judgment from the Court regarding the latest fillings from the SEC to know the next move for the XRP price. 

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Upcoming Remedies Ruling Creates Optimism for XRP Price

Ripple XRP’s price is changing today because its legal fight against the SEC is now in a phase where everyone is figuring out solutions. In this stage, the Court will determine appropriate penalties for Ripple’s alleged securities violations.

As we all know, the SEC claims Ripple illegally transacted XRP as an unregistered security.

Importantly, the original ruling found Ripple only violated securities laws in sales to institutions, not retail investors. Now, Ripple must share its financial records and institutional sales contracts with the SEC as ordered by the Court.

This evidence could further influence the lawsuit’s outcome if new details emerge. Ultimately, the remedies verdict could produce a definitive judgment on XRP’s status, which will, in turn, affect its price trajectory. 

Ripple Technical Analysis: XRP Price Might Surge to $0.640

XRP’s price is on the rise, moving upward steadily. The altcoin is set on reaching its highest point in 2024, which is $0.640. Many investors are watching XRP closely to see if it can push above this target, anticipating further gains.

Alongside this optimistic outlook, other intriguing price actions are unfolding in the market. 

Based on that, analysts predict continued bullish movement as XRP continues to attract attention and investment. For instance, a few days ago, popular crypto analyst Ali Martinez shared his bullish views on the XRP price. According to the analyst, the TD Sequential indicator says it’s time to buy XRP on the weekly chart. 

This means that the coin might go up for one to four weeks. Importantly, this is just the second week since Ali Martinez made the prediction. So, if you’re thinking about bagging the coin, now might be a good opportunity based on the technical indicator.

XRP Price Faces Critical Breakout Level at Fib Bollinger Band Indicator, What’s Next?

Based on the chart above, XRP trades near the middle Fib Bollinger Band indicator (red line). The price attempts to break out above this minor resistance level around $0.58.

Closing above this critical level today would confirm bulls have overpowered selling pressure.

The Relative Strength Index around 64 reflects positive yet not overextended momentum. This implies that there’s still room for additional upside movement.

Further bullish signals come from XRP moving above its 50-day and 200-day simple moving averages. Sustained trades above these key averages indicate an ongoing new uptrend. The Moving Average Convergence Divergence also reads bullish, with the MACD line crossing above the signal line.

Plus, the histogram shows green bars reflecting strong upside momentum. Overall, XRP appears primed for a sustained rally. Closing above the Bollinger band midpoint would validate the strong momentum and likely propel XRP to fresh highs. 

However, the crypto market is always volatile, and sentiment could shift rapidly. So, caution is still necessary. But while XRP’s next price moves remain uncertain, investors now have the opportunity to grab a new token at low prices for anticipated profits in the short term. 

The Rise of Sponge V2: A New Contender in the Meme Coin Arena

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Sponge V2 is causing positive waves in the crypto world as it rides the wave of meme coin’s popularity. Since the project migrated to the Polygon network, its price has been growing.

Its price surged by over 100% to $0.00126. This sudden surge in value has caught the attention of many investors looking for the next big opportunity.

Meanwhile, know that this strategic migration to Polygon was to make the project better and keep it free from unnecessary attacks. Further, by choosing the Polygon network, the project leaders aim to make transactions faster with lower fees. Of course, this will attract more people to the project.

With a staking reward rate of 1,007% APY, Sponge V2 offers lucrative incentives leading to over 50,000 holders currently. Most importantly, Sponge V2 made its staking method to be very flexible, meaning the returns you get can change.

Factors like the number of tokens you stake and how long you stake them affect your earnings.

This setup lets investors make the most of their profits as the project grows. Moreover, the project has an ambitious roadmap, including plans to launch a play-to-earn (P2E) game and other exciting stuff. These features will make them stand tall in the crypto market as more people will want to explore it. 

The Sponge community is really excited. This is evident from the project’s official X account, boasting a significant following of 31,000 users despite being a newcomer compared to established meme coins like Ripple.

Currently, anyone can join the project. You just have to visit its official site and purchase the coin using ETH, USDT, or a card.

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Nick Dunn Crypto Journalist

Nick Dunn Crypto Journalist

Nick Dunn holds a Bachelor's in Business Administration, complementing his expertise in the cryptocurrency space with strong writing, communication, leadership, and management skills. As a passionate crypto news writer, he contributes to TechReport and DailyHODL, providing valuable insights to readers and staying ahead in the ever-changing world of cryptocurrencies.