The past week has seen the digital asset market break out of an overarching correction. Moreover, that has been true for Ripple (XRP), which may soon be preparing to skyrocket as a crucial date in its ongoing US Securities and Exchange Commission (SEC) lawsuit.
Over the last 7 days, XRP has surged more than 9%, according to CoinMarketCap. Despite a slight correction that has taken place over the last 24 hours, the asset has firmly entrenched itself above the $0.54 mark. That momentum could massively come into play with an important date on the horizon.
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Ripple (XRP) Vs. SEC Faces Critical Date
The digital asset market has entered 2024 with high hopes, particularly in regard to several prominent cryptocurrencies. Among them was Ripple (XRP), which many investors had noted may benefit from the prevalence that the market was set to face this year.
However, that did not prove entirely true in the first five months of the year. Indeed, the market has faced an ongoing correction with which the asset has struggled. However, a recent upward trend could be beneficial, as Ripple (XRP) may be set to skyrocket in value with a critical date in its ongoing SEC lawsuit on the horizon.
In the midst of a week-long streak of gains, May 13th has proven vital to the asset. Specifically, this date will serve as a crucial deadline for the case and will follow some other vital dates of note for the ongoing proceedings.
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The SEC has filed its latest response under seal. Yet, they are set to be released to the public with present redactions on May 8th. Therefore, the most pivotal date on the calendar will then be May 13th.
This is the deadline for the SEC, Ripple, and third parties to file omnibus letter motions. Additionally, they will seek a seal for all remedy-related materials. Redaction proposals should be expected to arrive en masse.
Thereafter, May 20th becomes the most important date for the ongoing proceedings. That day remains the deadline for all parties to file opposition letter briefs to the omnibus letter motions to seal. Conversely, May is proving to be a critical month for the court case.
What this Means for XRP
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The importance of May should have massive implications for the price performance of XRP. Indeed, the market is set to respond to the ongoing developments, and a price action development is bound to arrive.
The question now is what the court developments will mean for the price overall. Right now, XRP is facing key resistance levels above $0.55 that could define its price movement in the short term.
Alternately, there is a critical support level being found at $0.50. Subsequently, there is a stark connection between the legal proceedings and the price movement. If these dates continue to establish a move toward a conclusion, expect Ripple (XRP) to continue gathering its upward momentum.