Buyer demand rises for XRP amid hopes for SEC vs Ripple settlement

The value of XRP has gone up by 2.31% in the last 24 hours. This is largely credited to the hopes that the community members have. They stem from the speculation that the US Securities & Exchange Commission and Ripple may soon settle. While Ripple will have to shed a few bucks, the numbers are comparatively less than what the agency was originally pushing for. The settlement also eliminates the factor of an injunction.

For reference, the Commission was previously pushing to impose a penalty worth $2 billion along with an injunction. The penalty is now down to $102.6 million, with no talk about an injunction at all. This pertains to the violation of the US securities laws. Interestingly, the court filing by the SEC does not include any settlement offer. The community’s calculation sheds light on the potential amount.

XRP is currently exchanging hands at $0.5063, up 2.31% in a single day at the press time. It further reflects a surge of 3.93% and a drop of 2.81% in the last 7 days and 30 days, applicable in the same order. XRP has maintained its market cap above $28 billion, particularly with the 1.85% jump. The 24-hour trading volume has significantly increased by 133.09%. Both factors have placed the token in the 7th position on the global cryptocurrency charts.

Technical indicators expect a bull run despite the prevailing bearish sentiments. The Fear & Greed Index has given the token 74 points, despite the volatility of around 3.59%. Near-term surges are expected to be in line with the realistic XRP price prediction. XRP could end 2024 at as high as $2.65. The next 5 days are likely to see a jump to $0.603139, and the next 30 days could mark an uptick of around $0.591936. The latter will represent a growth of 20.57% from the current value.

The 50-day SMA and 200-day SMA are around $0.514563 and $0.569533, respectively.

The ongoing political scenario in the US also surrounds Ripple (XRP). Brad Garlinghouse, the Chief Executive Officer of Ripple, believes that the US elections will have a significant impact on the crypto market. Probably, the current election is already generating significant buzz within the crypto ecosystem.

For starters, the community has seen strong support from Donald Trump. He is the leading candidate in the election campaign and has often come out strongly to support the existence and recognition of cryptocurrencies. The current administration, on the other hand, is believed to be taking steps at a slower pace.

Regardless of the verdict, SEC vs Ripple will add fuel to the ongoing settings. Investors have their sights on XRP as the buying demand attempts to ride a sustainable rocket.