John Deaton, attorney for XRP holders, clarified his stance on the expected timeline for the summary judgment of the case. Analyst Valdrin Tahiri determines the route that the altcoin price will follow from now on.
Community expects summary decision sooner
The lawsuit against Ripple Labs and the US Securities and Exchange Commission has been going on for a long time. The length of this period raises concerns among crypto Twitter and Crypto Law founder John Deaton. It all started when Twitter user alias Mr. Huber referred to a statement made by Ripple Labs Chief Executive Officer (CEO) Brad Garlinghouse last year.
Brad Garlinghouse hinted a while ago that a decision on the case is expected within “weeks”. Also, Pro-XRP attorney Deaton previously stated that the case will be concluded soon. However, more than a year has passed since this announcement was made. And cryptocoin.comAs you follow, the Judge has not made a decision yet. Therefore, Mr. Huber pointed out that there were some inconsistencies in the information made public. In this context, he made the following statement:
People claim: ‘This is a normal thing. It’s perfectly normal for it to take this long.’ while saying, ‘Yes, this case is taking more time than anyone can imagine!’ You cannot say. But you have to consider that this case is the case of the century! Monumental! Please be consistent.
Ripple lawyer recalled different summary judgment timelines
In response, Deaton tried to explain that he was a regular speaker who was likely to need more explicit speech. So anyone quoting him out of context will be putting it at their own peril. Deaton urged Huber to look holistically at every previous statement he has made about a possible summary judgment in the Ripple and SEC case, rather than relying on just one word or phrase.
Although he anticipated an early summary judgment, the attorney recalled the different summary judgment timelines that Judge Analisa Torres had published. The judge in the Ripple and SEC case once made a summary judgment at the same time as the famous Daubert decision. Another time, the summary judgment came 2 months after the Daubert judgment. He continued to mention other times when there was a time difference of 4 or 6 months between the summary judgment and the Daubert decision. He also stated that he was surprised and not shocked that the case had moved beyond June. “My mistake was that I thought the Judge would make his decision sooner rather than longer because of the public interest in this case,” Deaton concluded.
Altcoin sees $0.50 again: Will the tide turn in favor?
XRP price has made three unsuccessful attempts to break above the long-term resistance at $0.53 since September 2022. Because this area stood in place for about a year. If the price goes above or below this level, it can determine the future trend. Therefore, a break above it is expected to accelerate the rate of increase, while its rejection may result in a sharp decline.
Then, it is possible that the altcoin price may have followed an ascending support line since the beginning of the year. This combined with the $0.53 area forms an ascending triangle. Also, it is considered a bullish pattern. This means that an eventual breakout would be the most likely scenario.
However, the Relative Strength Index (RSI) outlines the possibility of a downtrend. RSI is bearish even though it is above 50. This indicates weakness. Also, there is a bearish divergence in the RSI. This is a situation where a price increase is accompanied by a decrease in momentum. It is usually a harbinger of downward movements.
Altcoin price prediction: Triple bottom could lead to bullish momentum
According to the technical analysis of the short-term six-hour timeframe, the price of XRP will increase in the short-term. This bullish prediction is based on price action and forming a short-term triple bottom, which is considered a bullish pattern. The triple bottom is also characterized by long bottom wicks (green icon). It also occurs inside a horizontal support area. Therefore, it is likely to lead to a reversal of the uptrend.
After the recent bounce, altcoin price broke out of a descending resistance line. This confirmed that the short-term trend is bullish and an uptrend will follow. It’s possible that news that Gary Gensler has resigned as SEC chairman has now been debunked, helping the rise. The closest resistance area is the $0.52 level formed by the 0.618 Fib retracement resistance level. This is very close to the long-term $0.53 resistance area outlined earlier. Therefore, a break in one will likely result in a break in the other.
Therefore, the future XRP price prediction will be determined by the XRP rising above $0.52 or its rejection. In the event of a breakout, it is possible for the price to quickly rally to $0.65 and beyond. However, a rejection will likely also result in a breakout from an ascending support line. In this case, the altcoin price will likely drop to $0.40.
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